The mining industry has backed media accounts as the reason US chip behemoth Nvidia are leaning towards blaming the supposed lack of interest in cryptocurrency.
A years ago the company hoped to make an impact in the space.
Whether it’s the industry losing steam or the simple fact Nvidia was beaten, the GPU and semiconductor player has officially packed its bags.
Ms. Kress says,
“We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward,” Colette Kress, Nvidia CFO confirmed. “Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward.
Nvidia is a chip-making giant, a global force in the tech industry. It ranks as a staple of top 100 components on boards like Nasdaq and S&P, metrics to determine the relative financial health of a given sector.
The quarter-century-old US company announced just a little over a year ago it would be entering cryptocurrency mining, and everyone took notice. It appeared Nvidia would soon become an industry leader just through heft. It has not turned out that way.