On June 17th in the US stock market, Nvidia's stock price surged, with a market value exceeding that of Apple. It then fell back and closed down 0.68% at $130.98 per share, with a market value of $3.22 trillion, lower than Apple's $3.32 trillion. NVIDIA's participation in the top three market capitalization in the US stock market; quot; Battle of Contention; quot; At this time, Nvidia is enhancing its influence in the industry chain, while facing lawsuits and executives reducing their holdings.
The US Supreme Court decided on Monday to agree to a case involving investors suing Nvidia and its management for misleading the market. The background is that Nvidia chips were previously popular in cryptocurrency mining activities. In a lawsuit filed in 2018, the plaintiff accused Nvidia and its executives of violating relevant regulations, stating that Nvidia made misleading statements in 2017 and 2018, downplaying the relationship between Nvidia's revenue growth and cryptocurrency related purchases. In 2021, a US court dismissed the lawsuit, but the US Court of Appeals for the Ninth Circuit subsequently resumed the proceedings, and Nvidia planned to file a request for a subpoena with the US Supreme Court. The United States Supreme Court will hear this case during the trial period starting in October this year.
In addition, according to documents disclosed by NVIDIA, NVIDIA CEO Huang Renxun sold a total of 240000 shares on June 13 and June 14, with a selling price ranging from $127 to $133, cashing out $31.18 million. This is the only two reduction records of Huang Renxun in the past three months. After Monday's closing, Nvidia disclosed another table, predicting that Huang Renxun will sell 120000 shares of the company's stock on Monday, involving a total market value of 15.81 million US dollars.
Huang Renxun had a plan to reduce his holdings this time. According to NVIDIA's 10-Q document released at the end of May, on March 14th this year, Huang Renxun passed the 10b5-1 rule trading arrangement and will sell up to 600000 shares of common stock by March 31st, 2025. In addition, Debora Shoquist, Executive Vice President and Chief Financial Officer of NVIDIA, Colette M. Kress, and Ajay K. Puri, Executive Vice President of Global Field Operations, plan to reduce their holdings of no more than 41100, 50000, and 100800 ordinary shares respectively, with the reduction dates before June 2, May 15, and July 11, 2025. Huang Renxun also reduced his holdings of stocks last year. On September 1st, 5th, and 6th, 2023, he redeemed his options and sold 29700 shares per day, totaling about 89100 shares sold.
At the same time as disclosing the executive reduction plan, Nvidia is promoting stock repurchases. In the first quarter of the fiscal year 2025 ending on April 28, 2024, Nvidia repurchased 9.9 million shares of common stock for $8 billion. Nvidia stated that its stock repurchase plan aims to offset the dilution caused by issuing stocks to employees. After weighing market factors and other investment opportunities, Nvidia may seek additional stock repurchases. Nvidia plans to continue its stock buybacks this fiscal year. From April 29th to May 24th this year, Nvidia repurchased 2.3 million shares for $2.1 billion.
Over the past year and a half, Nvidia's stock price and market value have maintained an upward trend. As of Nvidia& quot; Dismantling ten& quot; On the last trading day before the stock split, June 7th, Nvidia's stock price closed, and it has risen by 144.12% this year. Compared to the beginning of 2023, Nvidia's stock price has risen by 727.61%. After the stock split, Nvidia's stock price rose by a cumulative 8.36% from June 10th to June 17th local time. With the changes in NVIDIA's stock price, Huang Renxun's value has skyrocketed. According to the Bloomberg Global Billionaires Real Time Ranking, as of June 18th, Huang Renxun ranks twelfth on the list with a total net asset of $115 billion.
While the stock price and market value continue to test their highs, Nvidia has recently been consolidating its position in the AI field.
On June 17th local time, Nvidia's official website posted multiple updates claiming that Nvidia was named the champion of the Autonomous Driving Challenge at the CVPR (Computer Vision and Pattern Recognition) conference held in Seattle this week. With its team developed Hydra-MDP model, Nvidia has performed excellently in the end-to-end large-scale driving category, with over 400 global entries. It is understood that CVPR is a top-level conference in the field of computer vision. This year's CVPR accepted over 50 Nvidia papers covering topics such as automobiles, healthcare, robotics, etc., with over 12 papers related to automotive research. Nvidia has also been nominated for the CVPR Best Paper for a paper related to online map trajectory prediction. On June 14th, Nvidia opened up the Nemotron-4 340B (340 billion parameter) series of models for developers to use synthetic data to train large language models.