Nvidia has to pay a $ 5.5 million fine for concealing the impact of customer interest in cryptocurrency on the sale of graphics cards. The case concerns fiscal 2018, but has only now been finalized.
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You can read about the details on the website of the US Securities and Exchange Commission, where Nvidia’s oversight is described in the information disclosed in the forms for 2018. They lacked data on increased sales of graphics cards due to their use to mine cryptocurrencies. Nvidia was supposed to have such information, but withhold it in its forms.
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As the Commission assessed, the failure to identify the cryptocurrency market as a source of fluctuations in profits and money flow in Nvidia deprived investors of the chance to determine the probability of profit. As a result, Nvidia is to pay a $ 5.5 million fine. Interestingly, the company did not plead guilty and did not deny the allegations, but at the same time it intends to pay the penalty.
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Graphics systems have been eagerly used by crypto miners for years. GPUs allow for effective calculations of this type, but their economic justification at home is not particularly simple. Due to the interest in the cryptocurrency market by a large part of buyers of graphics cards, in recent years many players have had trouble buying top GeForce chipsets. Combined with a shortage in the semiconductor market, this meant – and still means – a shortage of store shelves.
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Oskar Ziomek, the editor in charge of dobreprogramy.pl
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