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Graphics card shipment drop coming in April on crypto weakness

  • Taiwanese graphics card makers expect April shipments to drop 40% on the month due to drastically slowing demand for cryptocurrency mining, according to Digitimes sources.
  • Sources say some mining farm operators have stopped purchasing graphics cards to wait for Bitmain’s mining machines, which should launch in Q3. 
  • Gross margins for the graphics card makers are expected to drop from 50% to between 20% and 25%.   
  • The downturn could impact AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA). In March, Susquehanna analyst Christopher Rolland estimated that mining-related shares accounted for 20% of AMD sales and 10% of Nvidia’s sales. In its Q4 earnings call, AMD said the percentage of annual revenue tied to blockchain was in the mid-single digit percentage range. 
  • AMD shares are down 0.2% to $10.09.
  • Nvidia shares are down 0.5% to $220.21.   

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