spot_img

Nvidia shares pop as CEO may be done selling shares after hitting preset plan limit

Date:

- Advertisement -spot_img
- Advertisement -spot_img


Nvidia CEO Jensen Huang talks onstage with Salesforce CEO Marc Benioff during Salesforce’s Dreamforce on September 17, 2024 in San Francisco, California. 

Justin Sullivan | Getty Images News | Getty Images

Nvidia CEO Jensen Huang is done selling the chipmaker’s stock for the time being, cashing in more than $700 million under a prearranged plan.

The 61-year-old executive in mid-March adopted a trading plan for the sale of up to 6 million Nvidia shares by the end of the first quarter of 2025. Huang has hit that threshold months ahead of schedule after a flurry of transactions between June 13 and Sept. 12, according to a new regulatory filing.

- Advertisement -spot_img

Even though the sales were made under a 10b5-1 plan, which allows insiders to sell shares under a preplanned structure, Nvidia shares seemed to get a boost from the update Tuesday, trading more than 4% higher.

Stock Chart IconStock chart icon

Nvidia

The chipmaker has been the biggest beneficiary of the artificial intelligence boom, with shares rallying more than 140% this year. Nvidia briefly topped a $3 trillion market cap earlier this year, and its dominance has grown so big that it tends to influence the broader market and investor sentiment.

Nvidia didn’t immediately respond to an email requesting comment.

Barron’s first reported on the completion of Huang’s preplanned sales Tuesday.

After the sales, Huang now holds 75.4 million Nvidia shares and another 786 million shares through different trusts and a partnership, according to a separate filing. In the company’s latest proxy statement, Huang was listed as the company’s largest individual shareholder.

Nvidia sells processors that are powering the generative AI boom and services such as OpenAI’s ChatGPT. The company counts MicrosoftMetaAlphabetAmazonOracle as its main customers.



Source link

- Advertisement -spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

4 + 2 =
Powered by MathCaptcha

Share post:

Subscribe

spot_img

Popular

More like this
Related

NVIDIA aims to solve AI’s issues with many languages

While AI might feel ubiquitous, it primarily operates...

Canary CEO Predicts Bitcoin Will Hit $150K This Year—But Ethereum Surge Won’t Last

In brief Canary Capital CEO Steven McClurg sees Bitcoin...

Altcoin Interest Hits New Highs Amid Bitcoin Weakening: Google Trends

Trusted Editorial content, reviewed by leading industry experts...