关于NVDA，AMD与加密货币的问题，美国的某一个分析师这么认为: (谈股论金)  479次阅读

作者: 雅歌 , 发表于: 2017-09-14 (2408天前) @ 新东

UPDATE: Nvidia and AMD aren't at serious risk from crypto concerns, analysts say

9:30 am ET September 12, 2017 (MarketWatch)
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By Wallace Witkowski, MarketWatch

Shift to mining-specific products could insulate graphics-card makers from potential demand downturn on China ban

Two graphics-card makers that have benefited from the rise of cryptocurrencies, Nvidia Corp. and Advanced Micro Devices Inc., should be insulated from concerns about a drop in the virtual currencies, analysts said Monday.

After briefly trading above $5,000 on Sept. 2, the price of bitcoin has fallen under pressure lately, most recently as the Bank of China has issued a draft of instructions that would ban Chinese exchanges from providing cryptocurrency trading services (http://www.marketwatch.com/story/chinas-bitcoin-exchange-ban-puts-digital-currencies-under-pressure-2017-09-11). Given the effect of past bitcoin downturns on graphics card sales, many are concerned that a drop in crypto prices could punish sales at AMD and Nvidia.

"We think that the risk of a 'crypto-driven' inventory correction driving material downside is low in the near term," said Jefferies analyst Mark Lipacis.

Shares of AMD (AMD) rallied 2.5% to $12.55 and Nvidia (NVDA) shares gained 3.2% to $169.00 Monday. The price of one bitcoin rose 0.6% to $4,217.54 and Ether, the cryptocurrency on the Etherium network, gained 4.4% for $301.42.

Reasons for the low risk outlook include upward momentum in crypto prices since July, and AMD and Nvidia hinting that vendors will start developing products directed at cryptocurrency miners (http://www.marketwatch.com/story/nvidia-more-bullish-on-cryptocurrency-than-amd-2017-08-10).Asustek Computer Inc.(2357.TW) has started distributing cards based on AMD and Nvidia chipsets targeted solely at cryptocurrency mining.

That alters a landscape that has been based on what happened a few years ago, when bitcoin prices spiked and drove demand for graphics cards to help with mining, only for that demand to soften when bitcoin prices fell back down, Lipacis said. When crypto prices fell, miners dismantled their mining rigs and flooded the secondary market with graphics cards, sapping demand for Nvidia and AMD products.

Read:Opinion: Bitcoin, Ether and other cryptocurrencies may be seeing the beginning of the end (http://www.marketwatch.com/story/bitcoin-ether-and-other-cryptocurrencies-may-be-seeing-the-beginning-of-the-end-2017-09-06)

Should crypto prices face a similar decline, both AMD and Nvidia are better insulated this time, said Lipacis, who thinks the newer cards built for cryptocurrency mining are worthless to gamers on the secondary market, lessening the risk that a dive in crypto prices will tank demand.

The risk isn't zero, however. Overall, Lipacis sees a 3% downside to AMD's quarterly sales should the crypto market tank, and a 10% risk to Nvidia sales. Lipacis has "Buy" ratings on both AMD and Nvidia.