The fine should be proportionate to the severity of the offense and the magnitude of the misbegotten gains. In this case, the severity was fairly low: they di

The fine should be proportionate to the severity of the offense and the magnitude of the misbegotten gains. In this case, the severity was fairly low: they didn't lie about what they were selling or how much they were selling, but they did purposefully omit some material information about their customers. If you were convinced that cryptocurrency is the future, then NVidia not mentioning cryptominers should have reduced your forecast of their earnings. If you were convinced that cryptocurrency will die any day now, then NVidia's omission should have increased your forecast for them. But how much money did people lose? It's hard to say. This should be enough money that NVidia's investor relations people make sure not to do it again, but not so much money that NVidia can't recover. In a hypothetical where NVidia told lies in order to manipulate its stock price, a much much larger fine should be levied.