NVIDIA pays $5.5 million to settle SEC charges over GPU sales to crypto miners
$5.5 million to settle US Securities and Exchange Commission charges it failed to disclose that crypto mining played a"significant" role in its surging revenue from GPU sales throughout fiscal 2018. NVIDIA allegedly violated both the Securities Act and Securities Exchange Act when it didn't reveal that its success was tied to a"volatile business," potentially misleading investors who might have thought this was the result of the firm's usual gaming-focused strategy.
The SEC's order also said NVIDIA misled investors by acknowledging that crypto demand did affect other aspects of its business at the time. That implied mining wasn't a significant part of the gaming business' success where it was for other products, according to the regulator. NVIDIA will have to abide by a cease-and-desist barring it from future rule-breaking.
An NVIDIA spokesperson declined to comment. The brand has increasingly seen crypto mining as more of a liability to its gaming GPU sales than a benefit, though. It started
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