Two men walk together past signage with logo at the Silicon Valley headquarters of computer graphics hardware company Nvidia, Santa Clara, California, August 17, 2017.

Some Nvidia shareholders are cashing in on the company’s sustained stock surge.Nvidia directors sold 99,000 shares worth about $80 million last week.Nvidia’s insider stock sale last week was the most in a month since September

Some of Nvidia’s shareholders are cashing in following the chipmaker’s sustained stock surge.

Last week, Nvidia directors sold 99,000 shares worth about $80 million, according to the Santa Clara-based company’s Form 4 filings with the US Securities and Exchange Commission.

The share disposals by Nvidia directors were made in the days following Nvidia’s earnings beat in the fourth quarter, sending the stock to its record high.

Nvidia’s insider stock sale last week was the most in a month since September, when 237,500 shares were sold, Bloomberg reported, citing data from Washington Service, an insider trading information service.

Nvidia’s shares fell 1.3% to close at $776.63 on Wednesday, but are up nearly 60% this year to date.

The company’s shares are also up over 200% in the last 12 months as they skyrocket on the back of demand for its artificial intelligence, or AI, chips thanks to a boom in the technology.

Demand for Nvidia’s chips is so high that company cofounder and CEO Jensen Huang had to assure analysts in his latest earnings call that the company is allocating them “fairly.”

Nvidia’s stock surge has also made Huang one of the richest people in the world.

Huang, who was worth $69.3 billion as of Wednesday, was the 20th-wealthiest person in the world, according to the Bloomberg Billionaires Index.

Read the original article on Business Insider


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