(Bloomberg) — An Nvidia Corp. director sold about $170 million in shares of the chipmaker, becoming the latest insider to cash in as the stock continues to push deeper into record territory.
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Tench Coxe, a former managing director at venture capital firm Sutter Hill Ventures who has been on Nvidia’s board since 1993, sold 200,000 shares on March 5 at $850.03 to $852.50, according to a filing. Coxe still holds more than 3.7 million shares.
Coxe’s sale comes in a blistering rally for Nvidia that’s seen the stock soar 79% this year amid optimism that brisk sales of its chips used for artificial intelligence computing will continue unabated. Nvidia closed at another record on Wednesday after extending a winning-streak to a fifth day and now boasts a market value of $2.2 trillion, trailing only Microsoft Corp. and Apple Inc. in the S&P 500.
Last month, Coxe’s fellow directors unloaded 99,000 shares after Nvidia’s blowout earnings report. The shares sold were worth about $80 million at the time.
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