Tech Stocks Tug Wall Street Lower; Investors Fret About U.S. Tax Cut Delays

Tech Stocks Tug Wall Street Lower; Investors Fret About U.S. Tax Cut Delays
The growth of cryptocurrencies is boosting Nvidia Corp.’s revenue, but that’s not about to distract the California chipmaker.

“We remain nimble in our approach to the cryptocurrency market,” Colette Kress, chief financial officer for Nvidia, said Thursday during the company’s quarterly earnings call. “It is volatile, does not and will not distract us from focusing on our core gaming market,” she said. Cryptocurrency-related products contributed about million of revenue in the quarter that ended Oct. 29, compared with 0 million the previous three months, she said.

Sales of Nvidia’s graphics chips are benefiting from the spread of mining, Chief Executive Officer Jen-Hsun Huang said on the call. As successive currencies, such as bitcoin, become dominated by a few players, others are motivated to create new units. “The ideal platform for a digital, new emerging digital currency turns out to be” a graphics chip made by Nvidia, he said.
Tech Stocks Tug Wall Street Lower; Investors Fret About U.S. Tax Cut Delays