Mark Stevens, a director at Nvidia, led insider selling in the third quarter, as the chipmaker’s valuation approached its lowest level in over a decade. Stevens sold over $946 million in shares, making him the top seller on the list. Other notable sellers included Jayshree Ullal of Arista Networks and Jeff Bezos of Amazon, who sold significant portions of their holdings. The report also highlighted sales by executives from health and biotech companies, including United Therapeutics and Illumina, indicating a broader trend beyond AI and tech sectors. Bezos, who sold 25 million shares of Amazon in 2025, continued to sell under a pre-arranged trading plan, shedding over 1 million shares in the third quarter. The data includes board directors who report sales on behalf of their firms, but excludes sales conducted as part of public offerings. The insider selling activity may reflect profit-taking as valuations surged or expectations of limited further upside.
The top 10 list also included Xuning Wang, who sold a portion of his holdings in SharkNinja, and Michael Intrator, CEO of CoreWeave, who sold billions of dollars of stock under a 10b5-1 trading plan. Despite fluctuations in CoreWeave’s stock price since its 2025 IPO, Intrator stated that the company’s bottom line has not been affected by the data center buildout. The report noted that while AI insiders dominated the second quarter’s top sellers, the third quarter saw a shift toward health and biotech executives, suggesting a broader participation in the market.
The insider selling activity may indicate a shift in investor sentiment, with executives potentially taking profits as valuations rise. However, the report did not confirm whether the sales were due to profit-taking or other factors. The data provides insight into the behavior of high-profile executives and may influence market dynamics as more insiders sell their shares.