Limited visibility into cryptocurrency mining demand In May, Nvidia said it would slow its pace of hiring in the face of macroeconomic challenges. It had been a pandemic darling, rising heavily as work-from-home prompted purchases of graphics cards and server chips, supercharging Nvidia's business and driving 61% revenue growth in fiscal 2022. Nvidia stock is down over 42% so far since the beginning of the year. Nvidia said that revenue from its dedicated cryptocurrency mining chips, CMP, was "nominal," contributing to a 66% annual decrease in its OEM and other category. Automotive remains small, although it increased 45% year-over-year to $220 million. Its professional visualization business, which sells graphics chips for enterprise uses, declined 4% annually to $496 million. Nvidia also has a few smaller lines of business. ![]() It rose 61% on an annual basis to $3.8 billion, driven by what the company calls "hyperscale" customers, which are big cloud providers. The company's data center business did slightly better. ![]() ![]() Nvidia said it would adjust prices with its retailers to address "challenging market conditions" for the industry that it said it expected to persist through the current quarter.
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