The share price of Advanced Micro Devices (AMD) dropped after Morgan Stanley downgraded the company on account of a less than optimistic future projection for hardware demand due to an expected decrease in cryptocurrency mining activities.

The stock price of AMD and Nvidia observed a long-term uptrend since 2016, as demand for their graphics processing units (GPU) increased based on surging Bitcoin mining activity and rising prices. AMD’s quotation was around $2 at the beginning of 2016 and peaked at $15 in March 2017. The bullish trend resembled the Bitcoin rally, which started at $660 in January 2016 and recently exceeded the $6,000 mark.

However, market participants have concerns about how long the interest in Bitcoin mining can last, as the number of Bitcoins available for mining is decreasing, and big players have monopolized the activity.

AMD share price started its correction yesterday when it informed investors that revenues would drop. As for NVIDIA, its quotation seems to avoid the pessimistic concerns for now as it updated the record today at $207 per share.

AMD had a decent third quarter, but the company predicts a weaker fourth quarter, pushing the share price down by 14% for the week which ended on October 27. Now, Morgan Stanley’s comments are putting additional pressure.

Joseph Moore, an analyst at Morgan Stanley, said in the report:

“We believe that AMD’s graphics surge has been caused by a sharp increase in sales of graphics chips to cryptocurrency miners. We expect this to meaningfully decelerate next year.”

The bank downgraded the share price target of AMD from $11 to $8.