Another Nvidia board member unloads stock, this time to the tune of $21 million

Another Nvidia Corp. board member recently unloaded tens of millions of dollars worth of stock amid the sharp move higher in the chip maker’s shares.

Tench Coxe, who has served on Nvidia’s

board since 1993, dumped 50,000 shares of Nvidia Wednesday, according to a filing with the Securities and Exchange Commission made public Friday. He sold at an average price of $422.1544, meaning he pocketed upwards of $21 million from the move.

Coxe previously disclosed a May 26 sale of 100,000 Nvidia shares at an average price of $379. He made $37.9 million in that earlier transaction.

He joins Harvey Jones, a fellow longtime board member, who disclosed the sale of about $48 million worth of Nvidia shares earlier this week. Jones made that sale on Tuesday, adding to a $28 million sale that he conducted earlier in June.

See also: AMD is chasing down Nvidia in AI, but one analyst worries the company is ‘somewhat late’

The two directors sold stock this week amid a huge year-to-date rally that has lifted the semiconductor giant’s shares 192% as of Friday’s close. Nvidia is now worth more than $1 trillion.

See more: Nvidia officially closes in $1 trillion territory, becoming seventh U.S. company to hit market-cap milestone

Coxe, formerly a managing director of Sutter Hill Ventures, continues to be heavily invested in Nvidia. The shares he sold Wednesday were owned by his trust, and he still has about 3.3 million shares through that trust. He also has 4,578 shares that he owns directly, along with more than 685,000 shares that he holds through a profit-sharing plan retirement trust, according to Friday’s filing.

FactSet lists Coxe as the third largest insider owner of Nvidia shares, behind Chief Executive Jensen Huang and board member Mark Stevens.

Nvidia declined to comment when asked if the company or Coxe had comment on this week’s transaction.

More from MarketWatch: Intel’s stock rocks best week in nearly 14 years as analyst notes a ‘material AI opportunity’

Though the two longtime directors appear to be using the recent run up as an opportunity to cash out of some of their sizable Nvidia holdings, the stock continues to win praise on Wall Street. Morgan Stanley’s Joseph Moore just dubbed the shares his new “top pick” in the semiconductor space, with the latest surge no obstacle to his increasingly upbeat view.

Nvidia is “the cleanest story in AI hardware” and should command “more consideration from investors looking for AI exposure, even if the current valuation construct and YTD [year-to-date] stock return already reflect expectations that are higher than secondary or tertiary players,” Moore wrote Friday, as he boosted his price target on the stock to $500 from $450.

Shares of Nvidia closed Friday at $426.92.

Don’t miss: How will AI affect stocks of semiconductor companies? Here are the 18 expected to grow their sales most quickly.