The U.S. Supreme Court has declined to intervene in a lawsuit against Nvidia, allowing a shareholder case regarding the company’s crypto-related earnings to move forward.
This legal battle stems from allegations that Nvidia misrepresented the role cryptocurrency mining played in driving the company’s revenue growth before the market’s downturn.
Shareholders claim that CEO Jensen Huang failed to disclose the significant reliance on crypto sales, particularly its GeForce GPUs, in Nvidia’s revenue surge between 2017 and 2018. The lawsuit argues that this omission misled investors and inflated the company’s market position ahead of the 2018 crypto crash, which saw Nvidia’s stock plummet by over 28%.
While Nvidia attempted to have the case dismissed, arguing it lacked sufficient evidence, the court’s decision is being hailed by shareholders as a win for corporate transparency. The case will now continue in federal district court in Oakland, California.
Despite the ongoing lawsuit, Nvidia has experienced significant financial success, with its stock soaring nearly 190% this year. This growth is largely driven by the company’s GPUs, which continue to dominate the crypto mining market, particularly in Bitcoin mining. Nvidia’s latest financial report highlights a 95% year-over-year revenue increase, with projections pointing to $37.5 billion in Q4.
In addition to its crypto ventures, Nvidia is diversifying into new sectors, including humanoid robotics, signaling a broader strategic shift beyond gaming and crypto mining.
Jonathan Mann, the creator behind the long-running “Song A Day” project, has turned his crypto misfortune into a musical cautionary tale.
Elon Musk’s financial standing has taken a major hit, with his net worth shrinking by $70 billion since his public fallout with Donald Trump.
UBS analyst Brian Meredith has revised his outlook on Berkshire Hathaway’s Class B shares, trimming the price target from $606 to $591, while maintaining a “buy” rating.
In a move not seen in decades, the U.S. Treasury Department has initiated a historic $10 billion bond buyback—its largest ever—targeting securities set to mature between mid-2025 and mid-2027.