Nvidia’s stock historically has made dramatic moves in the year after initial Fed interest-rate cuts, and it has outperformed the S&P 500 on average when looking at all rate cuts since the IPO.

Nearly every day for the past few months, Huang has sold Nvidia stock. For example, on Sept. 12 and 13, he sold about 200,000 shares, worth more than $20 million.

I’m in town to speak at Dreamforce, the annual gathering hosted by Salesforce that’s now being cast as the “largest AI event in the world. I

Nvidia has led the S&P 500 ( ^GSPC -0.29%) higher this year amid frenetic interest in artificial intelligence (AI). The stock has surged 136% since January, and Wall Street analysts forecast median upside of 30% from the current share price of $115. But betting on a single AI stock is a bad strategy.

A William Blair analyst cheers Nvidia’s moat and margins — while also weighing in positively on Broadcom and Arm shares.