It doesn't come through well, and it is phonetically confusing (perhaps doubly so for those with English as a second language). In an age of mobile touchscreen keyboards, it just looks like a bad autocorrect.
It would have worked better if it was something more blatant, like "Ngreedia".
Agreed, I assumed they had some DC product relating to grids or something
"Nvidia" is already punning on a deadly sin, Envy. ("Invidia" in Latin.) Ever wonder why they chose that obnoxious shade of green for their logo? Now you know:)