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Nvidia denies receiving DOJ antitrust subpoena

Nvidia shares saw a slight after-hours bump as the chipmaker denied a report that it received a Justice Department antitrust probe.

Nvidia has denied a report that it received an antitrust subpoena from the United States Justice Department, with its share price seeing a slight rise in after-hours trading.

“We have inquired with the US Department of Justice and have not been subpoenaed,” an Nvidia spokesperson told Cointelegraph, first reported by CNBC. “Nonetheless, we are happy to answer any questions regulators may have about our business.”

“Nvidia wins on merit, as reflected in our benchmark results and value to customers, and customers can choose whatever solution is best for them,” the spokesperson added.

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Thailand’s Mahidol University Partners With Tether to Integrate Blockchain and Stablecoin Education

3 reasons why Bitcoin failed to break above $72K

Regulatory uncertainty and volatile macroeconomic events may weaken further upside in the BTC price in the near term.

Bitcoin (BTC) registered a 5.9% gain between June 2 and 5, but its rally was halted at $71,746. This movement was supported by a nearly $1 billion worth of inflows into U.S.-listed Bitcoin spot exchange-traded funds, indicating strong demand from institutional investors.

Bitcoin’s bullish momentum was also fueled by the significant growth of the U.S. banking sector’s unrealized losses. However, despite favorable conditions, including a more crypto-friendly stance from U.S. lawmakers, Bitcoin was unable to break above $72,000.

According to Matt Hougan, Bitwise’s chief investment officer, regulatory uncertainty has hindered financial advisers from increasing their crypto exposure. Nevertheless, Hougan believes the U.S. is moving toward regulatory clarity, a shift that began when Democrats voted to repeal the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121.

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Thailand’s Mahidol University Partners With Tether to Integrate Blockchain and Stablecoin Education

Investor Who Called End of Bear Market Doubles Down on Crypto, Says Industry Undervalued and Overlooked

Investor Who Called End of Bear Market Doubles Down on Crypto, Says Industry Undervalued and Overlooked

The investor who accurately called the bottom of the bear market late last year is doubling down on his bullish stance on crypto assets. In a lengthy thread, Chris Burniske, former ARK Invest analyst and current partner at venture capital firm Placeholder, tells his 260,400 Twitter followers that the recent artificial intelligence (AI) hype has […]

The post Investor Who Called End of Bear Market Doubles Down on Crypto, Says Industry Undervalued and Overlooked appeared first on The Daily Hodl.

Thailand’s Mahidol University Partners With Tether to Integrate Blockchain and Stablecoin Education

Nvidia shares plunge after Q1 figures, crypto mining card revenue ‘nominal’

Graphics card giant Nvidia reported "nominal" sales of its crypto mining chips and expects overall revenues to be down in Q2, which drove down its share price.

American graphics card manufacturer Nvidia’s stock price tumbled in after hours trading on Thursday because the revenue outlook for Q2 has fallen short of expectations.

Quarterly growth from Q4 2021 to Q1 2022 was strong with an 8% increase in revenue to $8.98 billion and 3% increase in earnings per share to $1.36. It also stated it would continue a $15 billion share buyback program through the end of 2023 according to the filing to the Securities and Exchange Commission (SEC).

However, the Q2 outlook is much less promising and projects revenue will be $8.1 billion, which is 4% lower than expected.

The disappointing guidance didn't impress investors in after hours trading on Thursday with Nvidia (NVDA) shares down 7% to $157.8. NVDA is down nearly 50% ove the year, mirroring the poor performance of tech stocks across the market.

The tech firm saw a drop in sales of its Cryptocurrency Mining Processor (CMP) in Q1 to “nominal” levels compared with $155 million from a year ago The filing does not specify exact revenues on CMPs, but revenues have been falling since last year.

Nvidia saw a 33% shortfall in expected CMP revenues in Q2 last year to $266 million, followed by $105 million in Q3 and then $24 million in Q4. That’s now fallen again.

Nvidia revised its revenue expectations for Q2 in the report down to $8.1 billion “plus or minus 2%”due to “Russia and the COVID lockdowns in China.” 

Those two factors alone could drive revenues down as much as $500 million as the report says.

Related: GPU prices are still on a decline: Is Bitcoin’s sorrow gamers’ joy?

The Santa Clara-based company’s CMPs can be used to mine Bitcoin (BTC), Ethereum (ETH), and a range of other cryptocurrencies. Its graphics cards, designed for gaming, can also be used to mine cryptocurrency unless limited.

Supplies of CMPs are extremely scarce even on secondary markets, possibly causing sales to be so low. A new CMP 170HX, the highest rated model to-date, cost $4,700 when they were launched last October.

On May 6, Nvidia was forced to pay $5.5 million to the SEC to settle a case in which it was accused of failing to disclose how much of its revenue came from crypto mining in 2018. The announcement spooked investors, who sold NVDA down 6% on May 9, the next trading day.

Thailand’s Mahidol University Partners With Tether to Integrate Blockchain and Stablecoin Education