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An Nvidia Director Sold $947 Million of Stock Last Quarter, More Than Any Other U.S. Insider

A longtime Nvidia director quietly converted a massive block of stock into cash just weeks before the company hit an all-time high, raising a question Jensen Huang's summer of silence makes harder to ignore.

By Omor Ibne Ehsan
Published October 9, 2026, 9:00am ET · 3 min read

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A close-up photograph of a person holding a black smartphone. The phone's screen displays the green Nvidia logo and the black text 'NVIDIA' on a white background. The background behind the phone is a blurred, colorful digital stock market display, featuring green and red line graphs, bar charts, and various numeric stock quotes, creating a sense of financial activity.
A smartphone prominently displays the Nvidia logo and name against a backdrop of dynamic stock market charts, symbolizing the tech giant's significant market presence. © Shutterstock / Piotr Swat

Director Mark Stevens sold 4,236,740 shares of Nvidia (NASDAQ:NVDA | NVDA Price Prediction) in the third quarter of 2026 for $946,627,633. No other U.S. insider sold as much stock that quarter, and the ranking was published on October 7, 2026.

His last sale was on Sept. 18, 2026, several weeks before the ranking came out. Nvidia fell 2.94% to $230.48 on October 8, 2026. That drop came amid a broad selloff in artificial intelligence chip stocks, set off by concerns about OpenAI’s revenue.

A long-serving director turned a large block of stock into cash over about three weeks. During the same period, management forecast to $108.0 billion in third-quarter revenue and said demand was running ahead of supply. The filings look like a trim. The stake Stevens still owns, from a very large holding he has had since Nvidia’s venture-capital days, supports that view.

Three Rounds of Selling Ended in Mid-September

From Aug 31 to Sept 2, 2026, Stevens sold 1,848,501 shares at about $220 to $226. He then sold 1,022,239 shares on Sept. 3 and 4 at $227.25 to $234.04, the highest prices of the three sales. The last round came on Sept. 18, when he sold 1,366,000 shares at about $219.40 to $220.42, the lowest prices of the three.

All sales went through a family trust. A trust holds assets for beneficiaries, so selling inside one often relates to estate planning, taxes, or family payouts. As a director, Stevens must report those sales.

His filings did not indicate a pre-arranged trading plan, unlike several others on the quarterly list, and a pre-arranged plan, known as a Rule 10b5-1 plan, sets the timing or size of future sales in advance.

What Stevens Still Owns Matters Most

Stevens still holds about 27.5 million shares directly and through trusts. At the October 8 close, those shares were worth roughly $6.35 billion, so he has reduced his position while keeping most of it. He also sold about $407 million in June, bringing his total since early summer to roughly $1.35 billion.

His shares date back to Nvidia’s earliest years. He was a director from 1993 to 2006 and returned to the board in 2008. He was also a managing partner at Sequoia Capital, an early Nvidia investor.

He Outsold Every CEO on the List While Huang Sold Nothing

Second on the list was Jayshree Ullal, chief executive of Arista Networks (NYSE:ANET), with $446.0 million. Michael Intrator, chief executive of CoreWeave (NASDAQ:CRWV), sold $347.2 million, and Jeff Bezos sold $346.5 million of Amazon (NASDAQ:AMZN).

NVDA analyst ratings

Nvidia chief executive Jensen Huang made no open-market sales over the summer, and if insider trades signal conviction, Huang’s choice to hold while a director’s family trust sold deserves more weight.

Stevens also sold while the stock was near its highs. Nvidia set a record close of $239.24 on October 6, 2026, and the company was worth about $5.57 trillion at the October 8 close.

NVDA price target

Why Nvidia’s Growth Outweighs These Insider Sales

Nvidia’s fundamentals remain strong, and these filings don’t change that picture. Revenue for the fiscal second quarter was $96.221 billion, up 105.85% from a year earlier.

Management forecast third-quarter revenue of $108.0 billion, plus or minus 2%. It also said supply will remain a bottleneck at least through the end of fiscal year 2028. The stock trades at about 46 times earnings, a price-to-earnings ratio that this level of growth supports.

Two forecasts pose the biggest risks. Management expects business from AI labs that Nvidia helps finance to make up roughly a quarter of the company’s business next year, and it expects gross margins to bottom at 71% to 72% in the fourth quarter.

Two things could weaken the case for owning the stock. Third-quarter revenue in the next earnings report could come in below the $108.0 billion midpoint of guidance, or new Form 4 filings (the forms insiders file with the SEC to report trades) could show Huang selling on the open market. Until one of those happens, Stevens’ sales do not change the case for owning Nvidia.

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Omor Ibne Ehsan

Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.

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