Nvidia directors sell shares worth $180 million as stock rally continues

Two directors of the chipmaker Nvidia Corp. have sold the company’s shares worth about $180 million in recent days, as the stock continues to rally deeper into record territory, Bloomberg reported.

Tench Coxe sold 200,000 Nvidia shares at $850.03 to $852.50 on March 5, according to a filing. The total worth of shares sold was about $170 million. He still holds more than 3.7 million shares, the report added.

Coxe is a former managing director at venture capital firm Sutter Hill Ventures and has been on Nvidia’s board since 1993.

Another director, Mark Stevens sold 12,000 Nvidia shares at $852.06 to $855.02 on March 4, the Bloomberg report added.

Last month, other directors offloaded 99,000 Nvidia shares worth about $80 million after the chipmaker’s blowout earnings report. 

Coxe and Stevens have become the latest insiders to cash in Nvidia shares as the stock has surged 79% this year on optimism that brisk sales of its chips used for artificial intelligence computing will continue unabated, the news report said. 

Nvidia stock price closed at another record on Wednesday, extending gains for the fifth day. Nvidia’s market value has now risen to $2.2 trillion, trailing only Microsoft Corp. and Apple Inc. in the S&P 500 Index.

(With inputs from Bloomberg)