European Central Bank President Mario Draghi defended the tools that the organization has available.Europe Newsread more
According to China's top economic planning body, some local companies are cutting back on their efforts to hire new university graduates.China Economyread more
German Chancellor Angela Merkel has presided over a tumultuous recent period, which for many, has left Europe on the brink.Commentaryread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
U.S. President Donald Trump's former campaign chairman Paul Manafort was transferred to a detention facility in Manhattan on Monday ahead of an expected arraignment on state...White Houseread more
Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ.Paris Air Showread more
Markets in Asia were mostly higher on Tuesday as investors awaited the start of a closely-watched meeting by the U.S. Federal Reserve, set to kick off later stateside.Asia Marketsread more
Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Chinese President Xi Jinping will travel to North Korea this week for a two-day visit, ahead of a possible meeting between Xi and President Donald Trump at next week's G-20...Politicsread more
The Pentagon said that the crew of one of the tankers, the Japanese Kokuka Courageous, found an unexploded limpet mine on its hull following an initial explosion.Politicsread more
China's Alibaba Group on Tuesday said its chief financial officer, Maggie Wu, will oversee the firm's strategic acquisitions and investments unit, as part of a business and...Technologyread more
Jefferies is bullish that cryptocurrency mining will boost demand for the chipmakers' products even after some on Wall Street have expressed concerns over the companies' digital currency exposure.
"We think that the risk of a 'crypto-driven' inventory correction driving material downside is low in the near term," Jefferies semiconductor analyst Mark Lipacis wrote in a note to clients Monday, adding demand for graphics processors used in cryptocurrency mining were likely to "remain healthy in 3Q."
Nvidia's stock is up nearly 180 percent in the past 12 months through midday Monday compared with the S&P 500's 17 percent gain. That performance ranks No. 1 in the entire S&P 500, according to FactSet. AMD shares are up 112 percent in the same time period, the No. 2 gain in the benchmark index.
Lipacis reiterated his buy ratings for both chipmakers. He also reaffirmed his $180 and $19 price targets for Nvidia and AMD, respectively.
Cryptocurrency miners use graphics cards from AMD and Nvidia to "mine" new coins, which can then be sold or held for future appreciation.
The analyst cited the price strength of bitcoin since July. The digital currency rose nearly 120 percent from its low in mid-July and is up almost 340 percent year to date through midday Monday, according to data from industry website CoinDesk.
Lipacis noted even if digital currency prices drop in the future, the effect on the chipmakers will be more muted than it was in previous cycles.
"Both AMD and NVDA have introduced 'cryptospecific GPU SKUs' that have a low risk of competing with core gaming GPUs in secondary markets," he wrote. "So should cryptocurrency prices dramatically decline again, we think that AMD's risk of competing with its own GPUs resold by miners in secondary markets is lower than the 2013-15 cycle."
The analyst also predicts cryptocurrency mining demand will be a viable growth market longer term for Nvidia and AMD:
"We actually believe that the technology they are based on, called Blockchain, which supports secure accounting of distributed ledgers, has applications in financial services beyond cryptocurrencies. We expect demand for Blockchain GPUs (including for cryptocurrencies) to continue to grow and become an important driver for GPU growth, even if with some degree of volatility."