Billionaire Nvidia Corp. director Mark Stevens unloaded more than 1 million shares of the chipmaker this week as the stock rebounds from a slow start to the year.
Stevens’ sales were split across two transactions on Monday and Tuesday from shares held by Third Millennium Trust, of which he and his wife are trustees, according to a Securities and Exchange Commission filing on Wednesday. The disposals garnered nearly US$150 million ($193.4 million).
Those transactions are part of a proposed stock sale disclosed in a filing Monday of as many as 4 million Nvidia shares — worth about US$550 million at the time. Merrill Lynch is handling the trades.
Monday’s form 144 filing doesn’t commit Stevens to sell the 3 million remaining shares. Last year, he filed a similar form 144 registering to sell 3 million shares in September, but ultimately unloaded less than a sixth that amount in a series of transactions over a month.
Stevens, 65, has a net worth of US$9.8 billion, according to the Bloomberg Billionaires Index, comprised largely of his Nvidia stock, an investment portfolio and an ownership stake in the Golden State Warriors.
Stevens didn’t respond to a request for comment, while Nvidia declined to comment.
See also: S&P 500 hits 6,000 on jobs data, US-China trade talks optimism
The sales come as the Santa Clara, California-based company’s stock is surging following an upbeat revenue forecast. After almost nonstop growth amid insatiable demand for its artificial intelligence chips, Nvidia’s stock had stumbled earlier this year amid concerns over trade policies and potential spending pullbacks. It hit a low for the year on April 4 following President Donald Trump’s “Liberation Day” tariff announcements.
Since then, Nvidia’s shares have climbed nearly 50%, adding US$1 trillion in value, as the company worked to reassure investors. Last week, it reported fiscal first-quarter sales jumped 69% to US$44.1 billion and said it expects revenue of about US$45 billion in the current period, which runs through July. The shares were little changed at US$141.70 at 9.35am in New York trading.
See also: Palantir investors unfazed by sky-high valuation as stock surges
Stevens is the largest individual shareholder of Nvidia stock outside of Chief Executive Officer Jensen Huang and owns about 0.2% of the company. The venture capitalist is among a trio of Nvidia board members who’ve become billionaires as a result of the chipmaker’s AI-fueled success.
Stevens first invested in Nvidia in 1993 when he was at Sequoia Capital, serving on the chipmaker’s board from that year through 2006. He rejoined in 2008 and has been on the board ever since.
Other Nvidia officials have also indicated their intentions to sell. The company last week disclosed that Huang adopted a new 10b5-1 plan on March 20 to sell 6 million shares by year-end. At Wednesday’s closing price, the stock would be worth about US$850 million.
Huang reported on Wednesday that he also had gifted 660,000 shares to his foundation and a donor-advised fund on June 2. The shares were worth more than US$90 million based on Monday’s closing price.
Chief Financial Officer Colette Kress also adopted a plan to sell 500,000 shares — valued at more than US$70 million as of Wednesday — by March 24, 2026. Brooke Seawell, another board member, adopted a plan in March to sell around 1.1 million shares.
The total value of insider share sales at Nvidia last year exceeded a record US$2 billion, according to data from the Washington Service, which tracks insider buying and selling. So far, 2025 is off to a slower start with only a handful of transactions from insiders totalling roughly US$30 million before Stevens’ sale, the data show.
