SEC filings confirm that NVIDIA director Mark A. Stevens reported repeated, large sales of company shares in late August and September 2026. They do not, by themselves, confirm the headline’s claim that insiders sold more than $1 billion or establish when NVIDIA shares hit a record high. The filings show what Stevens reported selling; they do not explain why he sold or predict where the stock will go.
What the filings confirm about Stevens’s sales
Form 4 filings are the primary records for reportable transactions in company securities by officers, directors and other insiders. Stevens’s forms identify him as a NVIDIA director and identify the shares in the transactions below as held by the Third Millennium Trust, of which Stevens and his wife are co-trustees.
| Transaction period and filing | Reported sales | Ownership and remaining shares |
|---|---|---|
| August 31–September 2; filed September 2 | Six reported tranches: 447,400, 137,600, 63,501 and three tranches of 300,000 shares. Weighted-average prices ranged from $220.0589 to $226.2704 per share. | Third Millennium Trust holdings. The filing’s summary here does not establish a post-transaction trust balance. SEC Form 4 |
| September 3–4; filed September 8 | Multiple dispositions, including 198,707 shares at a weighted average of $227.6954; reported weighted-average prices across the dispositions ranged up to $234.0043. | Third Millennium Trust holdings. The filing says weighted averages represent sales across price ranges. SEC Form 4 |
| September 18; filed September 22 | 1,356,000 shares at a weighted average of $219.7219 and 10,000 at $220.4199. The filing gives respective price ranges of $219.40–$220.35 and $220.41–$220.48. | Third Millennium Trust holdings; 970,531 shares remained in that trust after the reported transactions. SEC Form 4 |
These are large disclosed transactions, but the reviewed filings do not establish a complete, headline-wide total exceeding $1 billion. That figure could depend on a wider date range or other filings; without the calculation and its treatment of transaction types, it should remain attributed to the headline rather than stated as a verified total.
Why a Form 4 entry is not always a sale
Form 4s include transactions other than open-market sales. A reliable aggregate must distinguish sales from awards and tax-related share withholding by checking transaction codes and footnotes.
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- Nicholas P. Parker’s September filing reports 172,507 restricted stock units awarded for no consideration. That is an award, not a sale. SEC Form 4
- Suzanne Nora Johnson’s August filing reports director equity awards, which likewise should not be counted as sales. SEC Form 4
- Timothy S. Teter’s September filing reports 35,738 shares withheld at $212.17 to cover taxes related to vested restricted stock units. Withholding is not the same as an open-market sale. SEC Form 4
Does insider selling mean NVDA is about to fall?
These filings document reported transactions; they do not state Stevens’s reasons for selling or forecast NVIDIA’s share price. A sale by one director is not, on its own, evidence that the stock is about to decline. Investors should avoid treating a transaction record as a prediction, particularly when the records do not disclose a motive.
What is known about NVIDIA’s stock-price record?
The reviewed SEC filings do not establish the date or price of the purported record high. A Form 4 is a transaction disclosure, not a historical market-quotation record. Without a dated quotation source, the “hit record” portion of the headline cannot be verified here.
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How insider sales differ from NVIDIA buybacks
Insider sales and company repurchases are separate activities. NVIDIA’s Form 10-Q for the quarter ended July 26, 2026, says the company repurchased 94 million shares for $19.7 billion during that quarter and 203 million shares for $39.8 billion in the first half of fiscal 2027. The board approved an additional $80 billion authorization on May 18, and $99.3 billion remained authorized as of July 26. Authorization is permission to repurchase, not a completed purchase. NVIDIA Form 10-Q
Separately, the Associated Press reported on September 28, 2026, that NVIDIA had authorized an additional $150 billion in buybacks, bringing the program total to $235 billion. AP quoted NVIDIA founder and CEO Jensen Huang: “Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders.” This later authorization is distinct from repurchases reported through the July 26 quarter end. Associated Press
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