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Nvidia Revenue Outpaces Q1 Forecasts, Partly Driven by Crypto Chip Demand
The revenue for its crypto-specific GPUs is three times the company's projections.
Updated Sep 14, 2021, 12:39 p.m. Published Apr 12, 2021, 9:37 p.m.
Graphics card producer Nvidia said Q1 revenue is “tracking above” the $5.30 billion it expected in February, partly on better-than-expected sales of processors aimed at the cryptocurrency mining market.
Shares of Nvidia rose 5% to $608 into after-hours trading.
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“We are experiencing broad-based strength, with all our market platforms driving upside to our initial outlook,” said Colette Kress, executive vice president and chief financial officer of NVIDIA.
Nvidia said it expects it will earn $150 million from its Cryptocurrency Mining Processors (CMPs), up from $50 million it predicted in its February outlook. The California-based firm began selling these crypto-specific mining GPUs this year, in part, to quench demand from miners who buy graphics cards to mine ether and other cryptocurrencies. Alongside hobbyists and smaller miners, at least one professional firm, Hut 8, bought $30 million of these CMPs in March.
Part of the company’s general GPU sales have been driven by mining demand, as well, causing a headache for PC gamers and other consumers.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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