Nvidia $NVDA 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 $MSFT and Meta $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.