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Crypto Miners Are Competing With Gamers for Nvidia Chips

Soaring Ethereum prices are exacerbating a chip shortage.

Jensen Huang holds the Nvidia GeForce 3090
Jensen Huang holds the Nvidia GeForce 3090Source: Nvidia Corp.

Hi there, it’s Tae from the Bloomberg Opinion team. Nvidia Corp. is on a winning streak. The red-hot maker of graphics chips used for video games, artificial intelligence and cloud computing surpassed Intel Corp. last year to become the most valuable U.S. chipmaker. And the good news keeps coming.

This week, Nvidia’s stock price hit a new record after it announced all its product lines were outperforming its prior expectations for the current quarter. Investors also applauded when Nvidia said on Monday it would enter the central processing unit business—a major new market for the company.