Nvidia director Mark Stevens leads AI billionaires in insider sales
The Nvidia board member sold roughly $946.6 million in stock last quarter, outpacing Jeff Bezos and Arista's Jayshree Ullal
The people closest to the AI boom spent part of last quarter cashing out of it.
Mark Stevens, a director at Nvidia and a well-known venture capitalist, was the single largest insider seller of the third quarter of 2026, Bloomberg reported on October 7. He unloaded 4,236,740 Nvidia shares for approximately $946.6 million.
He had company. Arista Networks CEO Jayshree Ullal and Amazon founder Jeff Bezos also ranked among the top sellers.
Who sold what
Ullal sold about 2.226 million shares of Arista Networks for around $446 million. Arista makes networking gear, the plumbing that links servers together inside data centers.
Bezos sold just over 1.2 million Amazon shares for roughly $346.5 million. That sale took place on August 3, 2026.
Add the three together and the reported figures come to more than $1.7 billion.
The three sellers carry a combined net worth of approximately $302 billion, according to the Bloomberg Billionaires Index.
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The sales data was compiled by Washington Service. It excludes shares sold as part of public offerings, so these figures reflect individual insider transactions rather than company capital raises.
Stevens’ steady stream of block trades
Stevens spread the selling across multiple large block trades between June and September 2026. In late August or early September, he sold 1.848 million shares for approximately $411 million.
Even after all that selling, Stevens remains Nvidia’s second-largest individual shareholder. His net worth is estimated at $12.2 billion.
The backdrop: a choppy quarter for tech
The third quarter brought significant volatility to technology stocks. Concerns about AI spending weighed on the sector.
Nvidia’s shares are up nearly 30% year to date, yet its valuation has approached its lowest level in more than ten years.
Reading the tea leaves, carefully
Corporate insiders must report their trades to the SEC through Form 4 filings, which is why lists like this one exist at all.
The filings themselves do not say which reasons apply to any given sale.
What this means for investors
Nvidia’s stock price has gained nearly 30% this year, yet its valuation sits near decade lows. Stevens still holds a substantial stake after the quarter’s sales.
What to watch next: whether Stevens and other AI-linked insiders keep up the pace in coming Form 4 filings, and whether the concerns about AI capital spending that rattled the third quarter show up in actual orders.