SoftBank Sells Shares Of Nvidia, Mining Chips Manufacturer
Vision Fund, a branch of the Japanese media company SoftBank, sold its $3.6 billion share of mining video card manufacturer Nvidia in January 2019, CNBC reports.
Vision Fund specialists prepared a consolidated financial report in which they told that they had sold all the Nvidia securities they owned.
Nvidia's shares have been losing their market value over the long term. For the period from October to December 2018, their price has decreased by approximately 50%. This state of affairs influenced the decision of the Vision Fund.
Vision Fund was established in 2017 with a capital of more than $90 billion with the support of the Saudi Arabian welfare fund. In the spring of the same year, it announced an investment in Nvidia. Besides, the company has invested in companies such as Uber Technologies, WeWork, and the British ARM.
In January 2019, Nvidia changed its preliminary figures in terms of profit for Q4 20 downward. The main reason is the fall in the crypto market.
The demand for graphics processors manufactured by the company has increased along with the crypto mining. However, now the need in mining has reduced greatly and even led to the closure of many companies and farms. Jensen Huang, CEO of Nvidia, referred to the recent events on the digital asset market as to “crypto hangover”.
As previously reported, the capacity of mining pools BTC.com and Antpool, controlled by the Chinese company Bitmain, decreased by 32%.