![]() Huang: My point is that we just don’t know - when we’re going through what we see as our own sales, and what the percentage of Bitcoin is in our own sales, what we don’t know is how much inventory AMD pushed into the channel. GamesBeat: So there’s just a lot of stuff out there collectively now to work through, even though on a quarterly basis, it didn’t seem to be that big a piece of anybody’s revenue. I think the part that we didn’t estimate was the amount of inventory that they put into the channel. Huang: Because it’s not just my inventory. It does surprise me that it can come back and have this bigger effect. GamesBeat: I also thought it was never really more than a tenth of your revenue. ![]() There’s plenty of fresh products in the channel. The inventory is just from fresh products. It’s - I don’t know that the inventory is from resale. “I’m going to sell off all my excess GPUs.” And that causes these things to keep happening, this cascading effect. And then these people eventually start selling all their stuff on the secondary market. It’s a kind of double effect there, I guess. GamesBeat: This thing happens where it gets mined out as well, right? You get diminishing returns on mining at the same time as the price is going down. Ethereum was still red hot through May and June. Huang: But we were never in the Bitcoin business. GamesBeat: But I think people were mining a lot of stuff besides Bitcoin. In fact, crypto was strong even through a lot of Q2. I wonder why the overhang is coming so far forward in time, to now, with you guys being surprised by something happening in the market. I was saying - if all these people were enthusiastic about crypto and they started mining and this started blowing up around December 2017, when the price of bitcoin goes down, those people who’d been buying up all this mining GPU equipment - it’s maybe 11 months ago that they started not needing their GPUs anymore. GamesBeat: I wanted to try to get into that a little and make it more understandable to people. The crypto hangover is surely a surprise, with how long it’s going to last. I would say that, gosh, Q2 was pretty great from that perspective. We have to focus on things we can control. And so - no, no, we just have to look past it. Jensen Huang: Well, I can’t control my stock price. GamesBeat: I don’t know if it bothers you, but that’s a big swing in your stock price after hours there.
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