Nvidia directors joined a growing list of Big Tech insiders cashing in on the so-called “Magnificent 7” stock rally.
Nvidia director Tench Coxe sold 200,000 shares Tuesday and made $170 million, filings from the U.S. Securities and Exchange Commission show. Coxe has been on the AI chipmaker’s board since 1993. He acquired shares for just $0.82 in 1997 before the company went public two years later.
Billionaire venture capitalist and Nvidia board member Mark Stevens sold 12,000 shares valued at about $10.2 million.
Some analysts anticipate that Nvidia stock will continue its monumental rise to a price of $1,000 or more — another opportunity for the already-rich to get richer.
Tech tycoons Mark Zuckerberg and Jeff Bezos are also selling shares in their companies this year.
Nvidia shares are up more than 90% since the beginning of 2024 as investors remain more than optimistic about the company’s AI chips, which are used by the biggest of Big Tech (especially Microsoft and Meta) for their AI efforts. While some analysts worry Nvidia is in a bubble that will eventually burst, others believe its rally will only continue.