Nvidia (NVDA) Stock Rises on Micron Earnings as Board Member Sells $44 Million in Shares

TLDR

• Nvidia stock jumped 1.2% in premarket trading to $172.91 after Micron Technology reported strong earnings driven by data-center demand
• Memory-chip maker Micron said high-bandwidth memory supply will remain short of demand for the foreseeable future
• Atlas Cloud AI announced a $250 million investment to deploy 2,304 Nvidia Blackwell GPUs in California
• Nvidia board member Harvey Jones sold $44 million worth of stock on December 15, disposing of 250,000 shares at $177.33 per share
• The shares Jones sold were part of a stake held since 1997, and he still owns over 7 million shares through a trust

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Nvidia shares climbed in early Thursday trading after positive news from the memory-chip sector helped ease concerns about artificial intelligence spending. The stock rose 1.2% to $172.91 in premarket activity.

NVIDIA Corporation, NVDA

Micron Technology delivered strong quarterly results after Wednesday’s market close. The memory-chip maker reported increased sales driven by data-center demand for high-performance memory products.

The Micron news came at a good time for chip stocks. Nvidia had dropped 3.8% on Wednesday following reports that Oracle faced funding issues with a $10 billion data-center project.

David Morrison, a market analyst at Trade Nation, noted the earnings helped stabilize prices for Nvidia, Oracle, and Broadcom. These companies had taken recent hits on fears about AI investment slowing down.

Other chip makers gained ground in premarket trading. Advanced Micro Devices rose 1.6% while Broadcom climbed 1.1%.

Memory Chips Fuel AI Growth

High-bandwidth memory has become crucial for AI accelerators. These specialized chips are necessary components for the latest processors from companies like Nvidia.

Micron CEO Sanjay Mehrotra addressed supply concerns on the earnings call. He said aggregate industry supply will remain well short of demand for the foreseeable future.

The supply shortage could actually benefit AI chip makers. It suggests strong continued demand for products that use these memory components.

Atlas Cloud AI added to positive sentiment with a new announcement Wednesday. The privately held startup plans to deploy 2,304 Nvidia Blackwell GPUs at a California site.

The deployment involves a partnership with data-center provider NewYork GreenCloud. Atlas Cloud committed $250 million to the project.

This investment represents the first phase of Atlas Cloud’s larger vision. The company has a $6 billion plan to build AI computing sites across North America.

Board Member Executes Major Stock Sale

Nvidia board member Harvey Jones sold shares worth more than $44 million on December 15. A regulatory filing revealed the transaction on Wednesday.

Jones disposed of 250,000 shares at an average price of $177.33 per share. He has served as a director at the chipmaker since 1993.

The shares were part of a stake Jones held since 1997. Nvidia went public two years later in 1999.

Jones still maintains a large position in the company. He owns more than 7 million shares indirectly through the H.C. Jones Living Trust.

Nvidia declined to comment on the nature of the sale. The company has seen its stock gain about 28% this year.

The chipmaker’s market capitalization now stands at roughly $4.32 trillion. That makes Nvidia the world’s most valuable chipmaker.

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