Note: All figures below have been adjusted for Nvidia's historic 10-for-1 forward stock split in June 2024. The "why?" behind this persistent selling activity can likely be explained by five factors. The most-logical of all reasons for these four billionaire investors to ring the register is simple profit-taking. These are relatively active fund managers who likely recognize that Nvidia's roughly $3 trillion increase in market value isn't something that happens to public companies on a regular basis. The worry is that this selling is tied to much more than just simple profit-taking. A second possibility is that billionaire fund managers were concerned about an inevitable uptick in competition for Nvidia. Interestingly, while direct competitors tend to get the most attention, internal competitive pressure might be the bigger concern. Many of Nvidia's top customers by net sales are developing their own AI chips, with the goal of using this hardware in their AI-accelerated data centers.