From an AMD PR: “The cryptocurrency market is unstable and demand could change quickly. For example, China and South Korea have recently instituted restrictions

From an AMD PR: “The cryptocurrency market is unstable and demand could change quickly. For example, China and South Korea have recently instituted restrictions on cryptocurrency trading. If we are unable to manage the risks related to a decrease in the demand for cryptocurrency mining, our GPU business could be materially adversely affected.”[1] The mining market is too unstable to bet trillions of dollars expanding fab capacity, which is why they haven't been able to increase production to match demand. So while they are currently sitting atop thrones of cash, they cannot accurately forecast demand. If either a) ethereum tanks or b) someone cracks ASIC mining for ETH & curriencies mined w/ GPUs, then all of a sudden they will see a huge drop in demand. Additionally, there would likely be a massive surge of fairly new used cards hitting the market, further dropping demand. That's a scary thought for a manufacturer, they could potentially end up sitting on large stocks of unsold inventory. [1]:https://usethebitcoin.com/amd-worried-business-cryptocurrency-miners-dont-buy-gpus/ https://usethebitcoin.com/amd-worried-business-cryptocurrenc...