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Investing.com-- Nvidia CEO Jensen Huang began selling some of his holdings in the artificial intelligence giant as part of a $865 million disposal plan, filings with the Securities and Exchange Commission showed on Monday evening.
Huang sold 100,000 shares in Nvidia (NASDAQ:NVDA) for gross proceeds of nearly $14.5 million in two separate tranches, the filings showed.
Huang had outlined plans to sell up to 6 million shares worth $865 million this year. The plan– a Rule 10b5-1 trading plan– was disclosed during Nvidia’s first-quarter earnings released earlier this year.
The Rule 10b5 plan allows executives to sell stock without violating insider trading rules or disrupting share prices. Huang still holds over 900 million Nvidia shares, nearly 4% of the AI giant. His proposed sale under the plan represents less than 1% of his stake.
Nvidia’s shares skyrocketed over the past two years, as the company benefited greatly from increased demand for its AI processors, which are the most advanced in the market.
Huang has doubled down on Nvidia’s AI offerings, and has offered few signals that AI sales momentum is stalling.
Nvidia’s rally saw it become one of the most valuable companies on Wall Street.