Nvidia insiders dump more than $1 billion in stock, according to report
Insiders at artificial intelligence chipmaker Nvidia have dumped more than $1 billion in stock over the last year, according to a report from the Financial Times.
About $500 million worth of sales occurred over the last month as the market notched new highs and shook off geopolitical tensions that had rattled investors, according to the report. The stock is up more than 17% this year despite concerns over curbs limiting AI chip sales overseas and 44% over the last three months.
Securities filings revealed that the tech titan recently unloaded about $15 million worth of shares as part of his more than $900 million plan announced in March to sell up to 6 million shares through the end of the year. Huang's net worth totals about $138 billion, placing him as 11th on the Bloomberg Billionaires Index.
Last week, the chipmaking giant hit a fresh record and rallied for five straight days following the stock sales and an annual shareholder meeting, where the CEO called robotics the biggest opportunity for the company after AI. That helped the chipmaker regain its seat as the most valuable company ahead Microsoft and Apple.
The FT article cited a report from VerityData, which noted that the jump in shares above $150 prompted the stock dump.
Last year, Huang unloaded more than $700 million in Nvidia shares as part of a prearranged plan.
Nvidia did not immediately respond to CNBC's request for comment.
Read the complete Financial Times report here.
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