Nvidia director Mark Stevens sells a record $410.8 million of stock, not flagged as a pre-set plan

SentiSense · Published Sep 7, 2026, 1:25 PM ET · Updated Sep 7, 2026, 6:35 PM ET

Nvidia director Mark Stevens sold 1,848,501 shares for roughly $410.8 million across August 31, September 1 and September 2, the largest insider sale by dollar value in the company's history. The detail that matters more than the headline number: the SEC filing did not identify the earlier tranches as predetermined Rule 10b5-1 transactions, so this does not read as a routine scheduled sale. Stevens separately filed a Form 144 on September 2 signalling a possible further sale of up to 5 million shares.

Nvidia director Mark Stevens sold 1,848,501 shares of NVDA for approximately $410.8 million across three sessions on August 31, September 1 and September 2, according to the Form 4 filed with the SEC. The shares went out at prices between $220.0589 and $226.2704, a weighted average of about $222.26, making this the largest insider sale by dollar value in Nvidia's history.

The disclosure detail that carries more weight than the headline number is what the filing does not say. The SEC filing did not identify the sales made before September 2 as predetermined transactions, which is the marker a Rule 10b5-1 trading plan would normally carry. Stevens may hold a grandfathered pre-2023 arrangement that does not require the same disclosure, so this is not proof of a discretionary sale, but it does mean the transaction cannot simply be waved off as a scheduled diversification the way most large insider sales at NVDA can. Stevens separately filed a Form 144 on September 2 signalling a possible future sale of up to 5 million additional Class A shares, worth roughly $1.09 billion at recent prices.

Context matters for reading the signal. Stevens retains a substantial position: 11,544,612 shares held directly, 3,358,770 through the Third Millennium Trust and 15,017,750 through the Envy Trust. The sale also landed with the stock near the top of its range, trading around $227.93 against a 52-week high of $236.54 at the time of the filings, which is the price environment in which long-tenured insiders most often trim. NVDA last traded at $230.36, up 0.8% on the day.

Sentiment on the name has not moved with the filing. SentiSense reads NVDA at Strong Bullish, with a 30-day average score of 47.1 against 46.9 today, and news and social sentiment at +0.38 latest versus a +0.28 30-day average. Institutional flow has run the other way from the insider: 3272 institutions increased positions last quarter, adding a net 756.7M shares. What to watch is whether the Form 144 converts into actual sales in the coming weeks, and whether any subsequent Form 4 carries the 10b5-1 checkbox that this one did not.

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