Nvidia has almost completely sold out of its entire inventory of GeForce GTX 10 Series graphics cards from the GeForce GTX 1060 and upwards according to Nvidia CEO Jensen Huang.
Speaking during a Q&A session, Jensen fielded questions on the blowback from the rapid decline in demand from cryptocurrency demand. This resulted in a large excess inventory of GTX 10 GPUs and subsequently caused Nvidia’s stock value to plummet by more than 50%.
“It’s completely a crypto hangover issue,” said Huang. “Remember, we basically shipped no new GPU in the market, to the channel, for one quarter. But the amount of excess inventory and market demand, channel velocity — you just have inventory divided by velocity, and that’s time.
“We said that it would take one to two quarters for all the channel inventory to sell out,” he went to say. “1080Ti has sold out. 1080 has sold out. 1070 has sold out. 1070Ti has sold out. In several more weeks, the 1060s will sell out. Then we can go back to business.”
Looking around various stores, Jensen is certainly onto something. Nvidia will be counting graphics cards sold to vendors as selling out, so any remaining stock that’s been bought up by stores or AIB vendors will still be in circulation. Despite this, it’s becoming increasingly trickier to find a new GeForce GTX 1080 Ti, GeForce GTX 1080 or GeForce GTX 1070 Ti. Stocks of the GTX 1070 and GeForce GTX 1060 still appear to be plentiful, for now at least.
On the subject of cryptocurrencies, Jensen isn’t keen on the whole affair, despite crypto making Nvidia absolute bank over the last 18 months. When asked whether we’ll still an uptick in crypto demand again, he said “God, I hope not. That’s my wish for this year. Can we all please — I don’t want anybody buying cryptocurrencies, okay? Stop it. Enough already. Or buy Bitcoin, don’t buy Ethereum.” Perhaps he feels that crypto boom wasn’t worth the post-crypto bust.
What this all means is that you can expect supplies of all GeForce GTX 1060 graphics cards and upwards to begin drying up pretty soon. Once this happens, those looking for a mid to high-end graphics cards will have to make do with second-hand buys or look towards Nvidia’s newer, more expensive GeForce RTX 20 series. Buy up quick, basically, and if you’re thinking of upgrading your Nvidia graphics cards here are our current recommendations.
Once the GTX 1060's sell out it also leaves Nvidia with a gaping hole in its lineup. The GeForce RTX 2060 will be available starting at $349 while the next available step down would be the GeForce GTX 1050 Ti, currently available at around $170. That's a price gap of $180 that needs to be filled, whether by lower-end RTX graphics cards or the rumoured GeForce GTX 2060 and its variants. As we've said before, waiting to see what fills this gap could end up being the smart move.