Nvidia fined $5.5 million for hiding how many gaming GPUs were sold to crypto miners
Nvidia will pay $5.5 million to settle charges that it unlawfully obscured how many of its graphics cards were sold to cryptocurrency miners. The US Securities and Exchange Commission announced the charges and a settlement with the company today. Its order claims Nvidia misled investors by reporting a huge boost in revenue related to “gaming,” hiding how much its success relied on the far more volatile crypto market. Nvidia isn’t admitting to wrongdoing as part of the settlement, but it agrees to stop any unlawful failures to disclose information.
The charges stem from Nvidia’s fiscal year 2018 financial reports. The SEC notes Nvidia saw an explosion in crypto mining-related sales in 2017, when the rewards of mining Ethereum grew...