Wall Street should do more research on Nvidia (NVDA - Get Report) , it's not solely a play on explosive cryptocurrency interest -- it's a diversified tech beast

Or so points out research firm CB Insights. 

"Nvidia's bread-and-butter markets are gaming, data centers, and auto tech. Despite all the hand-wringing about cryptocurrency mining, Nvidia has barely mentioned cryptocurrency keywords on its calls," says CB Insights. "Looking at the numbers and executives' statements, it's clear that gaming is the real growth area for Nvidia -- this is unsurprising given these categories represent a far greater proportion in revenue."

Yes, Nvidia is diversified. Source: CB Insights.
Yes, Nvidia is diversified. Source: CB Insights.

This diversification should be an important consideration for Nvidia's investors right now. While Nvidia trounced first quarter profit estimates and issued higher than expected June sales guidance, shares tanked on May 11 on fears of a crypto mining graphics slowdown. Shares have traded sideways since the call. 

"Cryptocurrency demand was again stronger than expected, but we were able to fulfill most of it with crypto-specific GPUs ... Looking into Q2, we expect crypto-specific revenue to be about one-third of its Q1 level," said Nvidia Chief Financial Officer Colette Kress to analysts.

Lost in the sauce: Nvidia's gaming revenue surged 68% to $1.7 billion. The gaming chip business represented about 53% of Nvidia's first quarter sales. 

Said TheStreet's founder Jim Cramer on his latest Action Alerts PLUS member call, "So I think the Nvidia had an excellent quarter. It answered a lot of the objections." Cramer added, "And I really and truly think that the people who thought that it was going to have a big cryptocurrency quarter, and the next quarter would be good, got the stock wrong -- I would buy a little here, and then wait for our next call."

Real Money tech columnist Eric Jhonsa struck a mostly upbeat note on Nvidia's quarter, too. 

Now go out there and mine a bit of crypto...or in an effort to support Nvidia's stunned investors, buy some gaming chips.

Nvidia is a holding in Jim Cramer's Action Alerts PLUS