Nvidia previously blamed its negative earnings report on “crypto winter,” the vaunted extended bear market which Bitcoin appears to have finally exited. The incredible rally of the past couple weeks means many industries related to crypto will see increased demand and valuation – everything from mining to software development will be in fashion again.
However, NVDA shareholders should not count on another cryptocurrency boom to rescue the ailing chipmaker.
Nvidia stock continues to teeter on the brink, and the company’s first-quarter earnings report isn’t looking very healthy, according to Wall Street analysts, who note that the quarter saw little recovery in demand for the company’s products. The report is set to come out today. Many believe the company’s main weakness lies in its data center division.