Why Nvidia Lost More of Its Value Than the Broad Market Did on Friday
Shares of Nvidia (NASDAQ: NVDA) ended Friday's session down to the tune of 3.3%, outpacing the overall market's setback of around 1%. While much of the stock's weakness can be chalked up to the exaggerated weakness tech stocks typically suffer against a marketwide bearish backdrop, know that Nvidia may have been also been targeted specifically because it's facing a unique cybersecurity matter that's coming to a head today.
It's complicated, but here's the short version of the long story. Computer graphics technology company Nvidia was hacked late last month. A hacking outfit called Lapsus$ reportedly cracked the company's digital security to steal a variety of internal information including specific coding information that powers its graphics cards. Except, Lapsus$ doesn't want money. The hackers instead want Nvidia to offer a software update that removes restrictions on its hardware that limits how quickly the company's graphics cards can mine the cryptocurrency Ethereum.
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Source Fool.com
