[PCGamer] Nvidia fined $5.5M for failing to mention crypto miners were some of its biggest customers for gaming GPUs

[Space Lynx]

Nvidia fined $5.5M for failing to mention crypto miners were some of its biggest customers for gaming GPUs

The SEC says Nvidia didn't properly report the risk of burgeoning cryptocurrency demand during 2017.

www.pcgamer.com

The SEC says Nvidia didn't properly report the risk of burgeoning cryptocurrency demand during 2017.

LOL

 

[eidairaman1]

ngreedia lol,

 

[GreiverBlade]

only 5.5M? i guess Jensen will just need to sell one leather jacket and his monthly allowance will be back to normal ...

still ... even if it's just a slap on the wrist, glad they got caught on that ...

now now ... i hope the 6X50XT line from AMD will make the 6X00XT price fall a bit more ... because Nvidia pricing are still high as F (and second hand sellers are also high, on something i guess, given the prices they ask), well a 6600XT is already cheaper than what did my 1070 bloody f'ing cost 5yrs ago and it was also quite above msrp due to miners, but i'd gladly like a bit more drop on them

 

[Space Lynx]

only 5.5M? i guess Jensen will just need to sell one leather jacket and his monthly allowance will be back to normal ...

still ... even if it's just a slap on the wrist, glad they got caught on that ...

now now ... i hope the 6X50XT line from AMD will make the 6X00XT price fall a bit more ... because Nvidia pricing are still high as F (and second hand sellers are also high, on something i guess, given the prices they ask), well a 6600XT is already cheaper than what did my 1070 bloody f'ing cost 5yrs ago and it was also quite above msrp due to miners, but i'd gladly like a bit more drop on them

it's less about the money amount and a message to the stockholders that the leadership of their assets may be risking their money... its a publicly traded company after all.

too many mistakes, and the shareholders start to get pissed and look for new leadership.

 

[X71200]

On the money side, definitely not a big loss since they made many times more of it from all the crypto cards sold.

 

[dirtyferret]

it's less about the money amount and a message to the stockholders that the leadership of their assets may be risking their money... its a publicly traded company after all.

too many mistakes, and the shareholders start to get pissed and look for new leadership.

What? In 2017 the nvidia stock price was around $31, even with a bad market it's around $185 (breaking $300 in December). If the stockholders were going to send him a message it would start with "how big of statue do you want us to build you?"

 

[cvaldes]

it's less about the money amount and a message to the stockholders that the leadership of their assets may be risking their money... its a publicly traded company after all.

too many mistakes, and the shareholders start to get pissed and look for new leadership.

This is the correct assessment.

The SEC's $5.5 million fine to Nvidia is like handing over a quarter found under the sofa cushions. That's chump change.

A more serious offense might lead to something like mandatory third-party monitoring and auditing for ____ years.

A real penalty is something like the FTC's $5 BILLION penalty to Facebook (now Meta Technologies) back in 2019:

FTC Imposes $5 Billion Penalty and Sweeping New Privacy Restrictions on Facebook

NOTE: The FTC hosted an IN-PERSON press conference at FTC Headquarters, 600 Pennsylvania Ave, NW, Washington D.C., on July 24, 2019.

www.ftc.gov

 

[Dr. Dro]

Excellent. I still have nightmares about my 3090 kicking the bucket, I couldn't afford a 3060 Ti nowadays.... and the prices on the specific card I have reached upwards of $3800 during the worst days of the GPU crisis.

Utter insanity!

 

[dirtyferret]

third-party monitoring and auditing for ____ years.

price
waterhouse
coopers

is their auditor because they are a...public company...do people have any understanding of how a large public corporation works?

 

[Steevo]

I would guess 2/3 of their product lines were sold for Crypto use.

I say we need more crypto, use more power, make prices higher, people should invest more. That way when the crash happens I can get my yard cut by a college graduate for less.

 

[Space Lynx]

What? In 2017 the nvidia stock price was around $31, even with a bad market it's around $185 (breaking $300 in December). If the stockholders were going to send him a message it would start with "how big of statue do you want us to build you?"

You unfortunately read my comment wrong. Leadership is a lot of people not just Jensen, also, a few mistakes is fine, but many mistakes, key word many, and the shareholders will start to look around to replace certain higher up positions within the company.

Also, SEC fines increase if they get repeated multiple times.

Context and nuance my dear Watson.

 

[dirtyferret]

You unfortunately read my comment wrong. Leadership is a lot of people not just Jensen, also, a few mistakes is fine, but many mistakes, key word many, and the shareholders will start to look around to replace certain higher up positions within the company.

Also, SEC fines increase if they get repeated multiple times.

Context and nuance my dear Watson.

I read it just fine. Your lack of understanding on public companies along with your fan boy-ism cripples your ability to understand basic business concepts. But I do like your pathetic attempt to change the conversation from one mistake to a "theoretical" many.

 

[cvaldes]

price
waterhouse
coopers

is their auditor because they are a...public company...do people have any understanding of how a large public corporation works?

Nah, I'm talking about additional oversight beyond the regular auditors.

Ultimately Nvidia executives sign off on their financial documents and bear the responsibility for their accuracy. Note that PWC did not get fined $5.5 million, Nvidia did.

This also begs the question whether the PWC team of auditors assigned to Nvidia is adequately advising their client. For sure there will be some discussions between CEO Huang, CFO Kress and senior PWC executives probably driven by discussion at the next Nvidia board meeting.

Maybe Nvidia should subtract $5.5 million from PWC's next invoice...

 

[Space Lynx]

I read it just fine. Your lack of understanding on public companies along with your fan boy-ism cripples your ability to understand basic business concepts. But I do like your pathetic attempt to change the conversation from one mistake to a "theoretical" many.

yeah I am a fanboy of AMD, you are right, my main gaming rig being my gtx 1070 for last like 4-5 years now is the evidence I guess. and with HDMI cable to external monitor a gtx 1070 even mobile variant still is plenty of power for most of the games I play, and its been great for me and still is.

many is not theoretical. it's just how it works. SEC is just one of the many balancing forces in the conglomerate that make up bureaucracy that keeps things from collapsing.

 

[95Viper]

Stay on topic.
Stop your insults.
Discuss the topic and NOT each other.

 

[eidairaman1]

I say this is the beginning of the paper trail of violations nvidia has committed.

 

[R-T-B]

The problem is the lying, they can sell cards to miners legally but they need to disclose the market segment.

That way when the crash happens I can get my yard cut by a college graduate for less.

More like your house will get looted by a college graduate. Just sayin'

 

[SpittinFax]

is chump change for such a big company. They would've spent more than that on coffees for the staff meetings while they discuss the issue.

 

[eidairaman1]

View attachment 246365 is chump change for such a big company. They would've spent more than that on coffees for the staff meetings while they discuss the issue.

Its an initial warning, still money lost hurts the wallet.