Amid an Ugly Tech Selloff, Nvidia Director Mark Stevens Ditched 1 Million Shares

Last week wasn’t exactly a smooth ride for the high-flying tech players. Investors rushed to cash in on some of the market’s biggest winners, and artificial intelligence (AI) darling Nvidia Corporation (NVDA) found itself right in the middle of the sell-off. Shares of the world’s most valuable company plunged 6.2% on Friday after stronger-than-expected U.S. jobs data reignited fears that interest rates could remain higher for longer, sending a chill through Wall Street.

Still, Nvidia bulls have little reason to panic. Many analysts view the decline as a healthy breather for a semiconductor sector that had been running red-hot for months. Wells Fargo (WFC) Chief Equity Strategist Ohsung Kwon summed it up best, arguing that chip stocks had become “way overbought” but stressing that the broader semiconductor bull market remains very much alive.