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Companies

SoftBank’s Vision Fund unloads its Nvidia shares

February 6, 2019, 3:15PM EDT

SoftBank's Vision Fund, which up to recently held approximately $3.6 billion worth of computer chipmaker Nvidia shares, sold its entire stake last month, CNBC reports. “In January 2019, SoftBank Vision Fund disposed its entire holding of Nvidia shares,” the company wrote in its Consolidated Financial Report. The decision to dump Nvidia stock followed a considerable drop in its value after a sharp decrease in crypto mining. Since Nvidia’s stock value plummeted in the last quarter of 2018, the shares have lost nearly half their value.

The news comes as a considerable blow after earlier speculation the Nasdaq-listed company might have seriously underreported its cryptobusiness revenue. Nvidia might have generated as much as $1.95 billion in its cryptotechnology business in total revenue as opposed to the $602 million it had claimed.