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NVIDIA FINED $5.5M FOR HIDING SALES TO CRYPTO MINERS

 


This matter relates to NVIDIA's disclosures for two consecutive quarters of fiscal 2018 regarding the impact of crypto mining on revenue growth from the sale of graphics processing units ("GPUs") that NVIDIA develops and markets for games.


The American supervisory authority is primarily referring to graphics cards that were marketed for games but ultimately sold for crypto mining. This different declaration led to the case.


The SEC further stated:


During the second and third fiscal quarters of 2018, as certain crypto asset prices surged, users of NVIDIA's GPUs increasingly engaged in crypto mining. NVIDIA had information indicating that crypto mining was a major contributor to the year-on-year growth in revenue from sales of GPUs that NVIDIA developed and marketed for gaming. 


Unclear information about crypto miners

In fiscal 2018, NVIDIA disclosed two distinct reportable segments. The graphics processors and the Tegra processors. The GPUs developed for desktops, notebooks and crypto mining were reported in the graphics processors segment. The specialized gaming market was also shown separately, since total sales of 9.7 billion US dollars were achieved there.


A large part of the demand from the gaming sector came from the crypto area, which was incorrectly declared. This error in their reporting obligation has now led to NVIDIA's doom with a $5.5 million lawsuit.


Cheap courses from the graphics card manufacturer?

NVIDIA Stock Price Crypto-Miner

While the lawsuit will cost NVIDIA, the company's impact on crypto mining should not be underestimated. A closer look at NVIDIA's share price reveals that after a hype that has lasted for several years, a correction is currently dominating the market. Cheap entry points for the future could now be possible. Nevertheless, this is not investment advice - the decision to buy a cryptocurrency or a stock should always be up to you.

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