There’s no doubt that while cryptocurrency markets have created an immense amount of wealth for early investors – there are many individuals who have been adversely affected by the markets, especially considering how bearish 2018 has been. This shouldn’t come as a surprise considering that both Bitcoin and Ethereum are both down tremendously from their all-time highs.
However, there have been companies that have been affected by the cryptocurrency markets that many might not have previously considered. Specifically, graphics processing units, or GPUs, are utilized for mining cryptocurrency. This caused a rush earlier this year for GPUs that would not have otherwise existed.
It is hard to downplay the fact that crypto-mining has played with regards to chip revenue. Even though Taiwan Semiconductor Manufacturing Company (TSMC) is considered a semiconductor giant, it was arguably cryptocurrency mining that helped the company reach record highs earlier this year. TSMC also plays an integral role in the manufacturing of Apple products, as well.
TSMC is not the only chipmaker affected. In fact, the CEO of Advanced Micro Devices appeared on CNBC when the company beat earnings – partially thanks to crypto – and specifically emphasized that gaming is the first priority. In fact, this might have been smart in retrospect, given the fact that AMD now forecasts a poor Q4, partially in due to the crypto markets.
Another major company affected is Nvidia, which recently plunged 17% in one day after reporting its own financial results.
While there are many cryptocurrency companies that are making meaningful partnerships and growing exponentially – it’s important to remember that there are other major corporations that are adversely affected by Bitcoin mania, as well.Leave a comment