Nvidia released absolutely dismal sales related to crypto chip sales today after market close. This is another sign to me that the bear market is not reversing any time soon. Bitcoin is in a sustained decline, and I view the culprit as the stupidity and hype that sent it to $19,000 in the first place. It was unsustainable and it has now very much poisoned mentality as crypto continues to fail to prove a suitable replacement to digital fiat and traditional centralized payment processors.
Specifics on Nvidia's release:
Last quarter, they posted $289m in crypto-related chip sales, which is really a small percentage of their overall revenue. Despite that, they projected sales of only $100m this quarter, which at the time they made the prediction sent their shares down (despite it representing such a small portion of revenue). Today, they reported only $18m in crypto-related chip sales. Shares are now getting whacked in after-hours trading, which frankly makes no sense because they beat expectations on over all revenue and profit. Just shows that the idiotic crypto mentality has creeped into traditional investing.
I agree that we now have the bearish market, because of previously have a really bullish one, but I find it positive that Nvidia sales for crypto purposes are dropping. Graphic cards are designed no display visual effects, make the gaming and film watching experience more enjoyable. Mining is just something they happen to be good at, but gamers are pissed that miners make the demand for graphic cards too high. They should be buying equipment specifically made for these purposes, like Antminers instead. And there are also quite some pos coins, so maybe people are just using more of them.