By Christiana Sciaudone
Investing.com -- Nvidia (NASDAQ:NVDA) fell more than 3% as China cracks down on cryptocurrency mining, and after hitting a record on Friday.
Bitcoin mines in Sichuan were shuttered Sunday after authorities in the southwestern Chinese province ordered a halt to crypto mining, CNBC reported, citing a report from the Communist Party-backed newspaper Global Times. More than 90% of China’s bitcoin mining capacity is estimated to be shut down, the paper said.
Nvidia makes graphic cards for mining.
On Friday, Nvidia got a Street-high price target of $900 from Bank of America (NYSE:BAC) on the belief that Data Center Sales can triple in the next three years. Analyst Vivek Arya cited expanding adoption of AI accelerators, increasing market share of DPU and CPU, StreetInsider reported.
The chipmaker has 27 buy ratings, one hold and no sells, according to data compiled by Investing.com. It has bested analyst estimates for the past nine quarters as sales have been consistently rallying.