Nvidia Just Doubled Its Sales, but Who Sold Over $400 Million of Its Stock the Month Before?
Nvidia just reported the kind of revenue numbers that make competitors nervous, but the real story unfolding in the SEC filings happened weeks before the earnings call and involved hundreds of millions of dollars in stock that board members no…
The split screen is striking. NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) delivered $96.2 billion in Q2 FY2027 revenue, up 105.8% year-over-year, and guided Q3 to $108.0 billion, plus or minus 2%. The company handed back approximately $26.0 billion to shareholders in the quarter and still has roughly $99.0 billion remaining on its repurchase authorization. Yet NVDA closed at $209.66, down 6.45% since June 1 and up 15.49% over the past year.
Doubling Business, Doubling Down on Buybacks
Data Center revenue reached $89.02 billion, up 117% year-over-year, powered by Blackwell Ultra volume. Non-GAAP gross margin was 75.0%, compared with 72.5% a year ago, and operating income rose 124.1% to $63.73 billion. CEO Jensen Huang framed it plainly: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.”
On the call, Huang added that customer forecasts point to demand doubling next year, though NVIDIA expects approximately 70% growth in fiscal 2028 because supply remains a bottleneck. That buildout has to be powered, cooled, and networked by somebody other than the chipmaker, which is the whole premise of our free report on seven AI infrastructure suppliers.
Who Sold Over $400 Million Before the Earnings Report?
The answer is board member Mark A. Stevens. Across three days in June, he disposed of nearly 1.9 million shares:
- 500,000 shares at $222.3774 on June 2
- 400,000 shares at $220.371 and 100,000 shares at $217.655 on June 4
- 565,615 shares at $210.4372 plus 319,385 shares at $209.6952 on June 18
The dollar total lands north of $400 million. Today’s closing price sits at the very bottom of that range.
Other executives joined him. On June 17, CEO Jensen Huang disposed of 45,723 shares at $207.41, CFO Colette Kress sold 40,746 shares at the same price, and EVPs Ajay Puri (36,927), Timothy Teter (35,742), and Debora Shoquist (35,012) also sold at $207.41. Executive sales of this kind at NVIDIA have historically been executed through preset 10b5-1 trading plans, and nothing in the public data indicates otherwise here.
What to Watch Next
NVIDIA is guiding to a Q3 gross margin of 74%, plus or minus 50 basis points, with a $2 trillion cloud industry backlog behind it. Supply commitments have swelled to $279 billion, tied largely to Vera Rubin memory. The next report is scheduled for November 17, 2026. The question investors will chew on until then: if compute really is revenue, why did NVDA close below where the board’s biggest June seller last exited?
Data Sources
- NVIDIA Q2 FY2027 earnings release: revenue, guidance, buyback, gross margin, and CEO commentary.
- NVIDIA Q2 FY2027 earnings call transcript: fiscal 2028 outlook, supply constraints, hyperscaler backlog.
- NVIDIA insider transactions (June through July 2026): Stevens, Huang, Kress, Puri, Teter, and Shoquist dispositions.
- NVDA price performance data: closing price, June 1 comparison, and one-year return.
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