Nvidia (NVDA) director Mark Stevens sold $410.8 million, with no Rule 10b5-1 plan reported

This is his fourth sale filing this year

Stevens has now filed four sale reports in 2026. This one's the largest. The earliest transaction date was March 20, reported in a Form 4 filed March 24. Two more followed in June, and this one covers August 31 through September 2. Together they cover 3,955,183 shares and $856.4 million, and none of the four filings identifies a Rule 10b5-1 plan.

For comparison, Stevens filed seven sale reports across 2025 and they came to $542.5 million on 3,448,230 shares. So he's gone to market fewer times this year and raised considerably more. This one filing is larger than any of last year's seven, and about 2.8 times the biggest among them.

Stevens still holds 29,921,132 Nvidia shares, worth about $6.8 billion at Thursday morning's price. He holds 11,544,612 of them directly and another 15,017,750 through a second vehicle, the Envy Trust. The 1,848,501 shares sold came to about 5.8% of the 31,769,633 he held before the sale.

Inside the trust that actually did the selling, the cut is deeper than that. The Third Millennium Trust held 5,207,271 shares before the August 31 sales and 3,358,770 after the last of them on September 2, a reduction of more than a third.

Almost every other Nvidia insider uses a plan

The same afternoon Stevens filed, Timothy Teter, Nvidia's general counsel, reported selling 30,000 shares for $6.5 million on August 31. That filing does report a 10b5-1 plan, and so does most of what's been sold at the company lately. Chief financial officer Colette Kress, worldwide field operations head Ajay Puri, operations head Debora Shoquist and accounting officer Donald Robertson have all sold on scheduled plans over the past year. So did chief executive Jensen Huang, whose most recent sales in October 2025 were plan trades. That leaves Stevens as the exception, and he's been one for a while: across 2025 and 2026, all eleven of his sale filings leave the box unmarked.

Stevens is an unusual outside director. He joined the board in 2008 and had served an earlier term from 1993 to 2006, which covers most of the company's life. He was a managing partner at Sequoia Capital until 2011 and has run the family office S-Cubed Capital since 2012. He sits on the compensation committee and the nominating and corporate governance committee.

Nvidia traded at $227.68 late Thursday morning, up from Wednesday's close of $224.41, and the stock has ranged between a 52-week high of $236.54 on May 14 and a low of $164.07 last September. Stevens sold between $220.06 and $226.27, a few percent below that high.

A Form 4 gives you the shares, the dates, the prices and an unmarked checkbox. Everything past that is inference. A director holding $6.8 billion in a single stock can have reasons to sell that sit well apart from any view on the price, and estate planning and diversification produce the same filing. What's settled is the pattern, and the motive stays open: four sale filings since March, 3,955,183 shares, and an unmarked 10b5-1 box on every one.

His full record is on his insider page, and Nvidia's filings are on the NVDA stock page. We looked at a similar pattern in August, when five Aehr insiders sold without a plan.