Nvidia’s recent loss of $23b was well addressed by the crypto analyst and enthusiast, Joseph Young as he turned down the company’s claim that such a drastic outcome can come out of the $57m investment over the crypto GPU mining. Young states that this is a mere fluke and a false statement from the company as the loss here has increased manifolds of the investment. The company reported for the loss to being caused by the crypto mishaps rather than other reasons. This is purely absurd to be a true fact as Joseph Young puts it, that when a person invests into a certain thing, the loss can never exceed the amount put in except from spreading to other liabilities. But such a grand scale company bankrupting loss cannot merely emerge out of the blue from such much lesser investment. BlockPublisher took to the dutiful task of extracting some comments over the very discourse.
Nvidia’s recent lost accredited towards crypto is a serious fault as the company pored a much lesser amount to eventually yield a gigantic amount of loss. This can never be possible and is a mere absurdity. The company suffered the loss forecasting the mistakes that it made not because of crypto. Nvidia’s total profit was $550 million, 50% of Bitmain’s profit as per 2018 stats.
Nvidia has the gaming community as waiting at the edge of their seats to provide the users the means to pull off exquisite computer gaming instead of traditional console gaming. The company strives to move on with the trends and provide the hardware needs for the new generation video games. The need to keep with the trends probably coaxed the company into investing into the cryptos which did not go the way as the company intended.
Young was at once tackled by entities who simply put Joseph Young as a one who does not understand stock market. The young crypto analyst, no pun intended, stuck to his statement explaining the entire area scope.
You’re not reading the numbers. Crypto is a main growth driver? $57 million is a driver of $100 billion company?
The main drive for the company has not been the cryptos rather their own computer hardware venture. Though the cryptos might had taken the toll over a certain revenue, the loss of $23b is impossible to grasp out of the investment for the crypto extensions.