Nvidia CEO Dumps $104M NVDA Stock, Bearish Outlook Ahead?
Highlights
- Jensen Huang sold 240,000 shares worth $26.2 million.
- This takes monthly sales above $104 million amid recent price swings.
- Market watchers are at crossroads over the impact of the selloff.
Nvidia CEO Jensen Huang continues his NVDA stock offload raising concerns in many quarters. Recent sales have piled up to $104 million amid the recovery of the asset following a flip in sentiments. This year, Nvidia recorded a significant uptick amid the buzz about artificial intelligence solutions.
Nvidia CEO Sales Top $104 Million
Nvidia CEO continues his present stock offload strategy amid present market sentiments. A new filing shows Huang sold 240,000 NVDA shares worth $26.2 million on Sept 11, a repeat of a similar transaction involving the same number of shares on Sept 9. However, the latter transaction was worth approximately $25 million.
Nvidia Insider Trading Alert 🚨
CEO Jensen Huang just sold another $26.2 million worth of $NVDA shares. He’s now sold more than $104 million over the last 10 days! pic.twitter.com/NrejLDT8G7
— Barchart (@Barchart) September 14, 2024
This month, Huang made additional transactions taking the total number to over $104 million worth of shares. Stretching backward, filings with the Securities and Exchange Commission (SEC) show huge sales totaling 5.3 million shares worth about $633 million. Still, the AI chip manufacturer maintains its lead in the market with increasing optimism due to its widely anticipated Blackwell chips.
The demand for artificial intelligence solutions sent the asset soaring with a similar spark in AI coins. Nvidia controls 80% of the global chip manufacturing market cap and maintains a positive momentum towards the end of the year. Recently, NVDA stock moved upwards on the developments in exports to Saudi Arabia. The United States government is considering allowing the firm to export chips leading to bullish projects as the company extends its base.
What’s Next For NVDA Price?
Several commentators opine dumping the stock by the Nvidia CEO will send a bearish signal in the market. This is coupled with the major decline recorded by the asset at the start of the month before the rebound. However, macro factors play a huge role, and the jump in its price last week points to bullish demand.
The asset has gained 140% this year coupled with a massive impact of AI coins in the crypto space. This week, AI coins surged after Nvidia CEO tipped a new Industrial Revolution based on the industry’s demand. NVDA price is up 13% this week notching a sharp recovery.
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