Shares of Nvidia Corp. shares were slipping Monday after an analyst took a more cautious outlook on the company’s gaming business.
“We believe order cancellations recently started in consumer GPUs, driven by excess inventories, a slowdown in consumer demand , slowdown in PC demand, and the Russia embargo,” he wrote in a note to clients. Further, he worries about the upcoming Ethereum fork, which is expected to drive reselling of GPUs no longer needed for Ethereum mining. That dynamic could put additional pressure on prices, Gerra wrote.He now projects that Nvidia’s gaming revenue could be flat to slightly up on a sequential basis in the fiscal second quarter, as well as down by a mid-single-digit rate in the fiscal third quarter.
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