- Needham defends Nvidia (NVDA +4.7%) against cryptocurrency mining concerns.
- Analyst Rajvindra Gill says that both the increasing cryptocurrency mining competition and the crash of Uber’s self-driving vehicle “will have an immaterial financial impact to NVDA’s bottom line.”
- Gill notes that while Nvidia is interested in Level 5 self-driving cars, which don’t require any human monitoring, the tech can go into cars with lower levels of autonomy.
- The analyst says the gaming GPU is “ripe” for an upgrade cycle.
- Gill says even a 20% to 30% decline in crypto revenue wouldn’t have much impact on Nvidia’s earnings.
- In more good news for Nvidia, Digitimes reports that Bitmain has postponed shipments for its Ethereum ASIC miner from April to the latter part of July due to weaker-than-expected performance.
- As Notable Calls notes, that delay also benefits AMD (AMD +3.3%).
- Previously: Morgan Stanley (NYSE:MS) upgrades Nvidia on cryptocurrency mining offsets (April 10)
- Now read: Follow CEO Su And Sell AMD
Original article