Nvidia Board Member Files to Offload $1.09 Billion in Shares

Insider disposals at Nvidia have stepped up once more. Director Mark Stevens submitted a notice to sell 5 million Class A shares valued at roughly $1.09 billion.

The Form 144 was lodged with the SEC on Sept. 2. It designates Merrill Lynch as the broker and Nasdaq as the exchange.

Stevens Reduces Position Throughout 2025

Stevens holds his stake via the 3rd Millennium Trust and the 970 Foundation. He has cut his holding repeatedly over the course of the year. On June 4 he disposed of 500,000 shares for $109.9 million. A further 885,000 shares brought in $186 million a fortnight later.

Two additional sales took place in the last seven days. The filing shows 585,000 shares worth $128.9 million on Aug. 31 and 63,501 shares worth $14 million on Sept. 1. That brings his total disposals since June to nearly $1.5 billion.

Directors commonly sell under pre-arranged plans, reducing the significance of any one notice. A Form 144 indicates an intention to sell, not that a sale has occurred. As a result, the entire 5 million shares may not be sold. Investors monitoring Nvidia's stock trajectory watch the frequency of these filings for clues about insider sentiment.

Stock Rises Despite the Filing

The market largely ignored the disclosure. Nvidia ended Wednesday at $224.41, a 3.21% gain from the prior close. Shares added another 0.56% in after-hours trading to $225.63, extending a 13.5% rally over the past month.

Focus is instead on a reported $12.9 billion acquisition of Hugging Face. The platform offers open-source AI models and datasets. Business Insider noted that no agreement had yet been signed. Neither company has confirmed the negotiations.

The two companies already collaborate via an open AI security alliance. Hugging Face turned down a $500 million investment from Nvidia in 2025 due to fears of a single dominant backer.

Separately, cryptocurrency traders follow Nvidia for a distinct reason. AI tokens have historically moved in line with the chipmaker's earnings, as the last AI crypto token surge demonstrated.

Insider sales rarely shift a stock of Nvidia's scale by themselves. Yet the speed of Stevens' disposals gives critics of top AI stocks a fresh argument. Whether the trust follows through on the full sale should become evident in the coming days.