Jensen Huang, CEO of Nvidia
Jensen Huang, CEO of Nvidia
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How crypto mining collapse caused Nvidia to lose $23 billion in market value

  • Posted byby Dean Takahashi
  • Updated
  • 4 min

Nvidia didn’t have a great week. It reported earnings that fell short of Wall Street’s expectations on Thursday, and by Friday the company’s stock price had fallen 18 percent, shaving $23 billion in market value and leaving the company with a $99 billion valuation.

The reason? Crypto miners stopped buying graphics cards, resulting in an inventory bubble for Nvidia’s mid-range Pascal graphics cards. It may take a quarter or two to eliminate the inventory bubble. On Thursday afternoon, I talked to Jensen Huang, CEO of Nvidia, who was puzzled at the reaction to the earnings miss, which included a $57 million charge related to the “post-crypto falloff.”

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Written by

Dean Takahashi

Dean Takahashi is editorial director for GamesBeat. He has been a tech journalist since 1988, and he has covered games as a beat since 1996. He was lead writer for GamesBeat at VentureBeat from 2008 to April 2025. Prior to that, he wrote for the San Jose Mercury News, the Red Herring, the Wall Street Journal, the Los Angeles Times, and the Dallas Times-Herald. He is the author of two books, "Opening the Xbox" and "The Xbox 360 Uncloaked." He organizes the annual GamesBeat Next, GamesBeat Summit and GamesBeat Insider Series: Hollywood and Games conferences and is a frequent speaker at gaming and tech events. He lives in the San Francisco Bay Area.