Nvidia Anticipates Decreased Revenue from Crypto Miner Demand, Stock Price Drops 5%

Nvidia’s stock price experienced a decline on Friday following the announcement of revenue forecasts that fell short of Wall Street’s expectations. The company attributed the downturn to reduced demand for its chips used in cryptocurrency mining, a trend influenced by the bearish cryptocurrency market. Revenue from crypto-related products plummeted to $18 million in the second quarter, significantly down from the previous quarter’s $289 million. According to analysts at Morgan Stanley, this figure is projected to drop to nearly zero moving forward.

Nvidia’s chief financial officer, Colette Kress, commented on the situation, discussing the factors affecting the company’s prospects.