Nvidia has just settled a multi-year shareholder lawsuit claiming it downplayed crypto’s impact on its revenue back in the last mining cycle.
Investors alleged that, during 2017 and 2018, Nvidia portrayed crypto-linked revenue as limited and largely contained in its OEM segment, when, according to the class-certification order, almost two-thirds of that revenue came from GeForce gaming GPUs booked in the Gaming segment. The complaint says Nvidia downplayed how much cryptocurrency mining contributed to the company’s unusual gaming revenue growth.
This is not just an old dispute resurfacing. The Securities and Exchange Commission separately settled with Nvidia in 2022 over what it called inadequate disclosures about cryptomining’s impact on the gaming business. With Nvidia now dominated by AI and hyperscale demand, this settlement brings those earlier disclosure questions back into view.
Nvidia’s crypto disclosure settlement is the one to watch for how public-company risk language tightens next.