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AMD: Crypto mining isn't as big a part of our business as reported

Advanced Micro Devices Inc. AMD, -4.21% reiterated Tuesday that cryptocurrency mining was lower than 10% of its revenue final yr according to reports that a change in Ethereum mining would harm its business. "Yesterday a report was published on AMD which hypothesized very high revenue for Ethereum-related GPU sales," the company wrote in an unsigned blog publish. "As a reminder, on our Q4'17 earnings conference call we stated that the percentage of annual revenue related to Blockchain was approximately mid-single digit percentage in 2017." While the publish did not identify any names, Susquehanna analyst Christopher Rolland downgraded the inventory to detrimental from impartial on Monday, and wrote that "the proliferation of Ethereum mining ASICs have the ability to impact ~20% of AMD's total company revenue." AMD and Nvidia Corp. AMD, -4.21% are idea to have benefited from using their GPUs to mine on the Ethereum blockchain final yr, but that cryptocurrency is believed to be nearly in a position to move past GPU mining and require ASIC chips. AMD's blog publish focused on the corporate's core businesses and their ability to develop, specifically bringing up its inclusion in some Apple Inc. AAPL, -2.56% products. AMD inventory fell a combined 5.nine% Monday and Tuesday; in past due trading Tuesday after the blog publish hit, shares gained about zero.3%.