The Ratings Game: Nvidia upgraded as cybercurrency miners go bonkers for its chips

Nvidia Corp. has been running out of its graphics processing units, and it seems some enthusiastic cybercurrency miners are the ones gobbling them up.

And while it is hard to know exactly where that demand goes, it was still enough to prompt a ratings upgrade from Pacific Crest analyst Michael McConnell and the team on Tuesday, as they lifted Nvidia NVDA, +0.77% to sector weight, after being at underweight for the past 2 1/2 months.

The stock climbed as much as 2.8% in morning trade, before paring some gains.

Nvidia designs graphics processing units (GPUs), which were mostly used for videogames until it was discovered they could be used for hard-core computing jobs.

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