What's Going On With Nvidia Shares Amid Bitcoin, Ethereum Tanking?

NVIDIA Corporation NVDA shares are trading lower by 5.00% to $138.72 Wednesday afternoon. The stock is trading lower amid overall market weakness as investors anticipate upcoming CPI data. Major indices are also trading lower as investors assess the incoming results of the midterm elections.

Additionally, Nvidia shares are trading lower amid the ongoing, heavy selling pressure in apex cryptocurrency Bitcoin and second-largest market cap crypto Ethereum. The chipmaker sells popular GPUs that are optimized for cryptocurrency mining and volatility in crypto prices may impact demand for the company's products.

What Else?

Nvidia shares have otherwise been volatile in recent sessions as stocks fall on concerns over a tight labor market, which could impact future Federal Reserve policy. Last Wednesday's Federal Reserve decision and subsequent comments from Fed Chair Powell sent stocks lower as Powell said the chances of a soft landing have narrowed and reiterated the need to combat inflation.

See Also: What's Going On With Tesla Stock Today

Meanwhile, in recent news, Nvidia may have found a workaround for the China export ban announced by the U.S. government in late August.

Nvidia is offering a new chip, dubbed A800 graphic processor unit, to Chinese customers that may not be constrained by the U.S. government’s export licensing requirement, a spokesperson of the chipmaker told in a statement...Read More

According to data from Benzinga Pro, NVDA has a 52-week high of $346.47 and a 52-week low of $108.13.