Nvidia board member Mark Stevens filed a Form 144 notice with the Securities and Exchange Commission on September 2 to sell 5 million Class A shares valued at approximately $1.09 billion. Merrill Lynch is listed as the broker and Nasdaq as the trading venue.
Stevens holds the shares through the 3rd Millennium Trust and the 970 Foundation. His disposals have accelerated throughout 2025. He sold 500,000 shares for $109.9 million on June 4, followed by 885,000 shares raising $186 million two weeks later. Additional sales in late August and early September included 585,000 shares worth $128.9 million on August 31 and 63,501 shares valued at $14 million on September 1. Combined, these transactions total approximately $1.5 billion since June.
Form 144 filings indicate intent rather than completed trades. Directors often sell under prearranged plans, which can reduce the significance of individual notices. The full 5 million shares may not reach the market, and completion of the sale should become clear within days.
Market reaction has been muted. Nvidia closed at $224.41 on Wednesday, up 3.21% from the previous session, and gained an additional 0.56% overnight to $225.63, extending a 13.5% monthly advance. Investor focus has shifted to reports of a potential $12.9 billion acquisition of Hugging Face, an open-source artificial intelligence platform, though neither company has confirmed negotiations.
Insider sales typically have limited impact on companies of Nvidia's scale. However, the cadence of Stevens' selling provides observers with additional context for evaluating the stock and underlying business fundamentals.
