Haverhill Financial Research · News · October 11, 2026
The short version
The largest seller had no trading plan on file. Nvidia director Mark Stevens sold about 4.24 million shares between August 31 and September 18, worth roughly $947 million by our calculation. None of his filings indicate a pre-arranged plan.
Larry Ellison set up a plan to sell up to 50 million Oracle shares, then cancelled it. Oracle said in September that no shares were sold and that he has no other plans to sell.
Two insiders bought with their own money. Intel CEO Lip-Bu Tan bought $10.0 million of stock on August 11, and Oracle director Stephen Rusckowski bought about $3.5 million on September 29.
How to read this
Company officers, directors and 10% owners must report their trades to the SEC on Form 4, usually within two business days. We read the filings for the companies we cover from August 12 to October 10, 2026. A few terms matter:
Open-market sale or purchase. The insider sold or bought shares on the exchange at market prices.
10b5-1 plan. A trading plan set up in advance, with a waiting period before the first trade. Sales under a plan are scheduled months ahead, so they say less about the insider's view today.
Tax withholding and gifts. Shares handed back to pay tax on vesting stock, or given to charity or family trusts. These are not market sales.
Most insider selling is routine: executives are paid in stock and sell some of it on a schedule. The filings that stand out are large sales without a plan, and purchases, because insiders have many reasons to sell but usually only one reason to buy.
The largest sales
The sales worth a closer look
Nvidia: Mark Stevens. Three filings show about 4.24 million shares sold through a family trust at weighted-average prices of roughly $220 to $234. A Form 144 filed September 2 gave notice of up to 5 million shares worth about $1.09 billion. The filings show no 10b5-1 plan. He still reports more than 27 million shares held directly and through trusts. (latest Form 4, Form 144)
Micron: Sumit Sadana. The executive vice president sold 15,000 shares, about $14.0 million, on August 18 with no plan indicated. Six days later Micron filed an 8-K moving him to Senior Advisor to the CEO. (Form 4)
Berkshire: Ajit Jain. The Jain Foundation sold 39,700 Class B shares, about $20 million, on September 28, with no plan indicated. (Form 4)
The purchases
Tan's purchase was at $95.00, the same price as the roughly $20 billion stock offering Intel described in an August 12 filing, so he bought at the price new investors paid. Rusckowski's purchase came two weeks after Ellison cancelled his sale plan. (Tan Form 4, Intel 8-K, Rusckowski Form 4)
Plans to watch
Nvidia. CFO Colette Kress has a plan covering up to 375,439 shares, and General Counsel Timothy Teter up to 547,942, both running to December 2027. Both have started selling. (10-Q)
Micron. Scott DeBoer adopted a plan for up to 85,632 shares, with the first sale allowed from October 16. (10-K)
Broadcom. CFO Amie Thuener adopted a plan for up to 150,000 shares, running to September 2027. (10-Q)
Gifts, not sales
Several insiders moved large blocks without selling: Nvidia CEO Jensen Huang gave 438,000 shares to a foundation and a donor-advised fund, Jeff Bezos gave about 416,000 Amazon shares to non-profits, Palantir CTO Shyam Sankar gave 350,000 shares to a charity, and Bloom Energy CEO KR Sridhar moved 300,000 shares into family trusts. (Huang Form 4)
Where we found nothing
SELLAS filed no insider trades in the period. Nu Holdings is a foreign private issuer, so its insiders do not file Form 4s. We could not complete our review of Citigroup and will include it next month.
Our take
Most of what insiders sold in the last two months was scheduled well in advance or tied to stock pay, and that tells us little. The filings we would weigh more are the large sales with no plan on file, led by Nvidia's Stevens, and the two open-market purchases at Intel and Oracle. None of this changes a rating on its own, but it is part of what we check before we update one.
We will publish this roundup monthly.
Sources and disclosures
Every figure in this article comes from SEC filings by the companies and their insiders, linked throughout and below. Dollar values marked as approximate are Haverhill Financial Research calculations from the reported shares and prices.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Insider trades are disclosed for many reasons and are not by themselves a signal to buy or sell. The author of this post does not hold a position in any company mentioned. Data as of October 10, 2026.
