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May 31, 2023 at 02:20 PM
Ritholtz Wealth Management CEO Josh Brown sold 25% of his stake in artificial intelligence superstar Nvidia Corp. early Tuesday — the same day the stock reached an all-time high of $401.11 — citing a decision to take profits before any reversal.
The chipmaker’s shares, riding atop the AI investing wave, have surged about 30% in the past five days, spurred by a stronger-than-expected first-quarter earnings report, reaching a $1 trillion valuation on Tuesday.
“It gapped higher and I took the opportunity to just take something off the table because man, this is one for the ages, and I didn’t want to sit here in a reversal and not have done something,” Brown said on CBNC’s “Fast Money Halftime Report.”
He was referring to his personal account, a spokesman for the firm confirmed.
Brown said he first bought Nvidia in the summer of 2015. “I’ve believed in the stock ever since then,” he said. Axios noted last week that Nvidia shares have appreciated 10,000% over the past decade, making it the best-performing S&P 500 stock in that time.
