Nvidia insiders cash out $1bn worth of shares
Nvidia insiders sold over $1 billion worth of company stock in the past year, with a notable uptick in recent trading activity as executives capitalize on surging investor interest in artificial intelligence, the Financial Times reported on Sunday.
More than $500 million of the share sales took place this month as the California-based chip designer’s share price climbed to an all-time high, the report said.
Jensen Huang, Nvidia’s chief executive, started selling shares this month for the first time since September, a regulatory filing showed.
Nvidia’s stock hit a record on Wednesday, and the chipmaker reclaimed the crown as the world’s most valuable company after an analyst said the chipmaker was set to ride a “Golden Wave” of artificial intelligence.
Its latest gains reflect the U.S. stock market’s return to the “AI trade” that fueled massive gains in chip stocks and related technology companies in recent years on optimism about the emerging technology.
Nvidia declined to comment on the FT report.