Yahoo Finance Nvidia board member cashes out on the chipmaker's surging stock, selling over 100,000 shares for $51 million
Nvidia board member Mark Stevens netted a hefty profit after selling $51 million worth of the chipmaker's stock.
Per MarketWatch, Stevens sold 118,602 Nvidia shares at a price between $429.90 and $434.20 apiece.
Stevens joins fellow Nvidia board member Tench Coxe who also recently sold $21 million worth of stock this month.
An Nvidia board member has pocketed a hefty profit selling over 100,000 shares of the chipmaker, which has seen its market value almost triple this year amid the investor frenzy over artificial intelligence-related stocks.
Mark Stevens dumped 118,602 shares of the Santa Clara-based semiconductor in the past week at a price between $429.90 and $434.20, according to MarketWatch. That suggests Stevens raised just over $51 million from the sale.
Nvidia's stock has rocketed almost 200% this year, riding the AI boom triggered by the successful launch of OpenAI's ChatGPT – boosting the company's market value by more than $700 billion to $1.06 trillion.
At close on Wednesday, Nvidia shares stood at $430.15.
The stock jump has also meant Nvidia's CEO Jensen Huang has seen a surge in his own wealth, bringing his fortune up to $38.6 billion, per Bloomberg Billionaires Index.
Investors have been especially bullish on Nvidia given it dominates the market for high-intensity computing infrastructure needed for AI developments.
Following Nvidia's stellar stock rally in recent months, other investors, like Stevens, have also used the opportunity to cash out and rake in profits. Per MarketWatch, another Nvidia board member Tench Coxe also sold $21 million worth of stock this month.
NYU finance professor Aswath Damodaran, known as the 'Dean of Valuation', also recently unloaded his stake in Nvidia, saying he couldn't justify holding on to the shares at such elevated levels as a value investor.
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