Nvidia Stock Rallies 5% to 3-Week High as CEO Jensen Huang Sells $713 Million in Shares

Sep 24, 2024, 03:56 PM

Nvidia CEO Jensen Huang has sold $713 million worth of Nvidia stock, according to reports from Barron's. Following the announcement that Huang is done selling for now, Nvidia's stock experienced a significant rally, increasing by 5% within 50 minutes. The market added $122 billion to Nvidia's market capitalization in an hour, and the stock is now trading at a three-week high, above $120. This surge in stock price follows a period of heavy call option buying, with significant interest in October 4th $116 calls. Notably, this comes after one of the lightest volume days for Nvidia stock in a while.