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Nvidia Board Member Sells $25 Million in Stock in Wake of Roaring Rally

August 31, 2023
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Long-standing Nvidia Corp. board member, Mark Stevens, divested $25 million worth of stock earlier this week; however, this transaction constituted only a minor portion of his substantial holdings.

Stevens conducted the sale through a trust shared with his spouse. On Monday, he sold 21,500 Nvidia shares at an average price of $468.08. The following day, he sold an additional 30,675 shares at an average price of $489.91. This information was reported in a filing with the Securities and Exchange Commission (SEC), which was made public on Wednesday.

These sales took place subsequent to Nvidia's impressive earnings announcement the previous week. The company's shares achieved a record closing price on Wednesday, reflecting a remarkable 238% surge in value thus far in the year.

As the Managing Partner of S-Cubed Capital, a family-office investment firm, Stevens has maintained a position on Nvidia's board since 2008 in his current tenure, having previously served on the board from 1993 to 2006. Consequently, his ownership of Nvidia stock is substantial. The filing revealed that he holds just over 1 million Nvidia shares in one trust, nearly 2 million in another, and an additional 1.3 million shares through direct ownership.

According to FactSet data as of June, Stevens was listed as the second-largest insider stakeholder of Nvidia shares, trailing only Chief Executive Jensen Huang.

In June, Stevens had also sold over $51 million in stock, joining a couple of other board members in such transactions.

Simultaneously, Chief Financial Officer Colette Kress executed a sale of 4,980 Nvidia shares on Monday, trading within a price range of $451.54 to $468.39. Her sales, totaling approximately $2.3 million, were executed through a 10b5-1 trading plan adopted in March 2022.

Executives and board members often establish trading plans that trigger sales based on predetermined future conditions, such as specific timing and price thresholds. These plans enable insiders to conduct stock transactions while avoiding the perception of trading based on the company's current business information.

Upon inquiry, Nvidia refrained from providing comments regarding the recently disclosed sales, whether from the company, Stevens, or Kress.

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