Nvidia insiders made millions on the AI chipmaker’s huge stock rally by dumping shares earlier this week. It appears their timing was just right.
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Nvidia stock had its worst day in 10 months on Friday as analysts and investors alike voiced concerns that the tech giant’s steep climb will come to an end sooner or later. Whether the stock will cool off or come crashing down is still up for debate, and some high-profile figures on Wall Street, including JPMorgan CEO like Jamie Dimon, think Nvidia’s share price will keep rising. The stock closed down 5.6% on Friday to a still-eye-popping price of $875.28. Shares are still up 77% year-to-date.
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Meanwhile, Apple tried to claw its way back from a series of setbacks. Apple stock rose as much as 2.8% Friday after hitting its lowest share price of the year just one day earlier. Shares of Amazon, Microsoft and Meta all dipped.
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Apple ended the day up a modest 1%. Still, its gain relative to rivals in tech’s so-called “Magnificent Seven” a positive sign for the company after its recent struggles. iPhone sales have slipped in China. The company last week shuttered its electric vehicle project. And there’s lingering skepticism about its newest innovation, the Apple Vision Pro.