Rumor mill: Nvidia CEO Jensen Huang at Computex 2018 earlier this month revealed that new GeForce GPUs won't be launching anytime soon. Now, we may have a bit more insight into why that is. A recent report claims Nvidia overestimated recent demand for its current GPUs, generating excess inventory.

Nvidia may have underestimated the impact of rapidly declining demand from cryptocurrency miners and from the gaming community according to a report from Seeking Alpha (citing SemiAccurate, pay wall). The result? A lot of excess inventory.

The report also mentions a "top three" Taiwan OEM that returned 300,000 GPUs to Nvidia and Nvidia "aggressively" buying GDDR5, suggesting it has an excess stock of lower-end GPUs that need to be made into boards. Other insiders / industry sources also reportedly mentioned a build-up of inventory.

According to Seeking Alpha, Nvidia really has no choice but to wait it out and sell through the excess inventory "if they want to avoid expensive price protection payouts."

Nvidia last month said that in the first quarter, it generated $289 million in revenue due to sales of its GPUs for the purpose of mining cryptocurrencies. It was good news for investors but not for gamers as miners bought up a lot of their cards which in turn, drove prices up for the collective gaming community.

Nvidia said it expected sales to cryptocurrency miners to drop by about two-thirds in Q2.