Nvidia director Mark Stevens sold about 4.2 million Nvidia shares worth roughly $946 million between 31 August and 18 September, according to three Form 4 filings with the US Securities and Exchange Commission. The sales came about two months before Jensen Huang resigned as chief executive, and before Nvidia’s shares peaked on 6 October. None of the filings marks the trades as made under a Rule 10b5-1 trading plan, the pre-arranged schedules that many insiders use to sell. Stevens still holds about 27.5 million shares, and Nvidia has not commented on the sales.
There is no suggestion in the filings that the sales were linked to the scandal that later engulfed Huang. Stevens is one of Nvidia’s longest-serving directors and has sold large blocks before, and the trades began days after Nvidia reported its second-quarter results in late August, when company trading windows usually open. The timing has still drawn attention because of what followed. Within weeks, press inquiries about Huang’s ties to Megaspeed and Alice Huang were reaching Nvidia’s leadership, and by 12 November he had resigned.
Stevens sold 4.2 million shares in three filings at an average of about $223
The first filing covers sales from 31 August to 2 September, when Stevens sold about 1.85 million shares for roughly $411 million at prices between $220 and $226. A second filing covers 3 and 4 September, adding about 1.02 million shares for around $236 million as the price climbed above $234. The third and largest single block came on 18 September, when he sold 1.366 million shares for about $300 million at close to $220. Across the three filings, TalkEsport’s calculation from the reported weighted average prices gives a total of $946.6 million.
All of the shares came from the Third Millennium Trust, which Stevens and his wife run as co-trustees, according to the filings. The trust’s Nvidia holding fell from about 5.2 million shares to just under one million over those three weeks. Stevens still holds about 11.5 million shares directly and 15 million through a second vehicle, the Envy Trust, of which he is trustee. A lawyer signed each filing on his behalf as attorney-in-fact.
The unticked 10b5-1 box is the detail that stands out. Since 2023, insiders have had to flag on Form 4 whether a trade was made under such a plan, which lets them schedule sales in advance and gives them a defence against insider trading claims. Directors can still sell without one during open trading windows, provided they do not hold material non-public information. Interim chief executive Colette Kress, by contrast, sold about $7.6 million of shares in September under a plan adopted in June, according to a tally of 2026 filings.
Stevens accounts for almost all of Nvidia’s insider selling this year, while Huang sold nothing
Stevens is not a newcomer to the board. He has been a director since 2008, after an earlier spell from 1993 to 2006, according to Nvidia’s 2026 proxy statement. Before that, he spent almost two decades as a managing partner at Sequoia Capital, one of Nvidia’s original backers. He now runs S-Cubed Capital, his family’s investment office, and sits on the board’s compensation committee and its nominating and governance committee.
His selling dwarfs that of every other insider this year. Stevens sold about 6.3 million shares worth roughly $1.39 billion between March and September, out of about $1.42 billion sold by all Nvidia directors and officers in that period, according to the same tally. Huang made no open-market sales in 2026, although shares were withheld to cover tax on his stock awards and he gave away more than 800,000 shares. General counsel Tim Teter, whom Reuters has since reported Huang misled about the relationship, sold about $13 million of stock over the same weeks.
Nvidia’s shares are now far below the prices Stevens received
In hindsight, the sales look very well timed. Nvidia’s shares have fallen more than 30% from their 6 October closing high, wiping out more than $1.8 trillion in market value, according to Reuters. They now trade far below the average of about $223 that Stevens received. The decline has been driven by the scandal around Huang, the push in Congress for tighter export controls and a wider sell-off in chip stocks.
Stevens’s remaining stake keeps him heavily exposed to that fall. His 27.5 million shares are worth billions of dollars, and as a director he has a vote on the company’s response to the Huang affair, including the search for a new chief executive. The board’s independent directors have hired Wachtell Lipton to investigate Huang’s conduct, according to the board’s statement, and two large shareholders have asked it to keep Huang’s return on the table. Nvidia reports its third-quarter results on 17 November.
