---
title: "Nvidia director Mark Stevens sold $946 million of stock with no trading plan before the Huang scandal"
description: "He sold near $220 in September; the stock trades near $163, the dip buyers in between are carrying the difference, and Nvidia's first report under interim CEO Colette Kress lands Nov. 17."
publisher: "The Inference"
section: "Chips"
published: 2026-11-15T19:11:33.970Z
modified: 2026-11-15T19:11:33.970Z
canonical: https://theinference.org/article/nvidia-director-mark-stevens-sold-946-million-of-stock-with-no-trading-plan-before-the-huang-scandal
language: en
keywords: "Nvidia, Insider Trading, Jensen Huang, Retail Investors, Semiconductors"
---

# Nvidia director Mark Stevens sold $946 million of stock with no trading plan before the Huang scandal

> He sold near $220 in September; the stock trades near $163, the dip buyers in between are carrying the difference, and Nvidia's first report under interim CEO Colette Kress lands Nov. 17.

[SEC filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001045810) show Mark Stevens, an [Nvidia](https://theinference.org/markets/companies/nvidia) director since 2008 and the largest individual shareholder after [Jensen Huang](https://theinference.org/markets/people/jensen-huang) and his wife Lori, sold about 4.2 million shares for roughly $946 million between Aug [1][2][4]. 31 and Sept [1][2][4]. 18 [1][2][4]. The sales ran in three tranches priced from $220 to $234 [1][2].

No Rule 10b5-1 plan, the prearranged schedule that shields insiders from timing questions, covered any of it [1][2]. Jensen Huang's $925 million of sales last year ran under one, announced six months ahead [1][2]. [The filings drew 4,635 upvotes on Reddit on Sunday](https://old.reddit.com/r/technology/comments/1xww9xh/nvidia_board_director_cashed_out_1_billion_in/) [3].

## He sold before a $1.7 trillion fall

Nvidia has lost more than 30% since its Oct [4]. 6 record, erasing more than $1.7 trillion in market value [4]. Friday closed its sixth straight weekly decline, the longest streak since 2012; near $163 on Nov [2][4]. 13, the stock traded at about 12 times expected earnings, its cheapest since 2012 [2][4].

Stevens sold above $220 before any of it, days after a July-quarter report that lifted the stock about 10% on $96.2 billion of revenue, up about 106% from a year earlier [2][5]. His remaining 27.5 million shares have since lost more than $1.5 billion [1]. He sold roughly one share in eight and kept the rest [1][2].

*Chart: **Revenue more than doubled in the quarter Stevens sold into** Column chart of Nvidia quarterly revenue for the eight fiscal quarters through Q2 2026, rising from $35.1 billion to $96.2 billion*

*Nvidia revenue by fiscal quarter, $ billions, from its SEC filings. Fiscal quarters end in late October, January, April and July; Q2 '26 ended July 26, 2026, the July quarter whose $96.2 billion, up about 106% from a year earlier, lifted the stock about 10% before Stevens sold. [5]*

## $2.1 billion arrived into the fall

Huang resigned Nov. 12 after reports of affairs, one with a woman U.S. intelligence reportedly suspects was recruited by China's top spy agency [4][8]. Retail money arrived on the way down: [a net $1.6 billion in the three sessions ended Nov](https://www.msn.com/en-in/money/other/retail-investors-pour-1-6-billion-into-nvidia-in-3-days-are-they-buying-the-dip-or-catching-a-falling-knife/ar-AA2hmNot) [6]. 11, the biggest three-day spree in at least a year by J.P [6]. Morgan's tally, plus $465 million into 2x-leveraged Nvidia ETFs [6].

Leo KoGuan, the Singapore-based billionaire who says he has put $1.3 billion into Nvidia since March, froze his buying after the exit with one line: "No further investment without Jensen" [4][7]. [Brad Gerstner](https://theinference.org/markets/people/brad-gerstner) of Altimeter and [Gavin Baker](https://theinference.org/markets/people/gavin-baker) of Atreides, holding $2.13 billion combined, asked the board on Nov [8][4]. 13 for a slow, deliberate search that keeps Huang's return an option, and a petition [Elon Musk](https://theinference.org/markets/people/elon-musk) signed has passed 100,000 names [8][4].

*Chart: **One director's $0.9B sale, then $2.1B of November dip buying** Bar chart comparing Mark Stevens's August-September stock sales with November retail stock buying and leveraged-ETF inflows, in billions of dollars*

*Stevens's SEC-filed sales, Aug. 31 to Sept. 18, total per Moneywise and Yahoo Finance; net retail stock buying and inflows to 2x-leveraged Nvidia ETFs (NVDL and NVDU) over the three sessions ended Nov. 11, per J.P. Morgan data via Business Today. [2][4][6]*

## Selling without a plan is not a crime

Selling with no plan is legal, and "not necessarily a red flag on its own"; insiders sell for many reasons, and Stevens kept about seven shares in eight [2]. No source alleges he traded on anything he knew.

Treasury Secretary Scott Bessent is asking a different question, aimed at the company rather than the director: did Nvidia know its client, and was it "selling to what were obviously pass-through shell companies" [9]?

The client is Megaspeed, a Singapore-based Nvidia chip customer the Justice Department is investigating over whether it [redirected restricted AI chips to China](https://theinference.org/article/megaspeed-moved-nearly-12-billion-of-nvidia-chips-to-chinese-buyers-and-the-journal-calls-the-route-legal) [8]. "Anyone at the company" should be held accountable, [Bessent said Nov. 13 on CNBC](https://www.cnbc.com/2026/11/13/cnbc-excerpts-us-treasury-secretary-scott-bessent-speaks-with-cnbcs-squawk-box-today.html) [9].

## Nov. 17 prices the succession

Nvidia reports third-quarter results Tuesday under interim CEO [Colette Kress](https://theinference.org/markets/people/colette-kress), the CFO of 13 years [4][8]. House committee chairs have called Nvidia general counsel Tim Teter to appear Dec. 2 [4], and Commerce Secretary Howard Lutnick testifies before the Senate Banking Committee on Dec. 10 [8].

If the print prices the succession and the chip-leakage questions lower, the loss lands on the money that arrived after the director left. Stevens sold between $220 and $234; the stock trades near $163, and the $2.1 billion in between is what Tuesday puts at risk [1][2][6].

## Takeaway

Mark Stevens sold $946 million of Nvidia with no prearranged 10b5-1 plan weeks before the stock fell more than 30%, and the $2.1 billion retail bought on the way down now meets Nvidia's first report under an interim chief executive on Nov. 17.

## Sources

1. [Tom's Hardware, Jowi Morales, "Nvidia board director cashed out $1 billion in stock before Jensen Huang scandal", 15 November 2026](https://www.tomshardware.com/tech-industry/nvidia-board-director-cashed-out-usd1-billion-in-stock-before-jensen-huang-scandal-mark-stevens-sold-4-2-million-shares-without-a-trading-plan)
2. [Moneywise via MSN, Joseph Zeballos-Roig, "Nvidia director sold nearly $1B in stock weeks before the Jensen Huang scandal broke and no trading plan was flagged", 13 November 2026](https://www.msn.com/en-us/money/top-stocks/nvidia-director-sold-nearly-1b-in-stock-weeks-before-the-jensen-huang-scandal-broke-and-no-trading-plan-was-flagged/ar-AA2hnsSe)
3. [Reddit r/technology discussion, "Nvidia board director cashed out $1 billion in stock before Jensen Huang scandal", 15 November 2026](https://old.reddit.com/r/technology/comments/1xww9xh/nvidia_board_director_cashed_out_1_billion_in/)
4. [Moneywise via Yahoo Finance, Rudro Chakrabarti, "'No further investment without Jensen': Billionaire stops buying Nvidia as Musk and top funds rally behind Huang", 15 November 2026](https://finance.yahoo.com/markets/stocks/articles/no-further-investment-without-jensen-163500070.html)
5. [Nvidia, quarterly figures from its SEC filings, retrieved 15 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001045810)
6. [Business Today via MSN, Basudha Das, "Retail investors pour $1.6 billion into Nvidia in 3 days", 13 November 2026](https://www.msn.com/en-in/money/other/retail-investors-pour-1-6-billion-into-nvidia-in-3-days-are-they-buying-the-dip-or-catching-a-falling-knife/ar-AA2hmNot)
7. [Business Today, "'No further investment without Jensen': Billionaire Leo KoGuan stands by ousted Nvidia founder", 13 November 2026](https://www.businesstoday.in/world/story/no-further-investment-without-jensen-billionaire-leo-koguan-stands-by-ousted-nvidia-founder-567289-2026-11-13)
8. [CNBC via MSN, Katie Tarasov, "Nvidia board urged to consider 'potential return of Jensen Huang' by two major investors", 14 November 2026](https://www.msn.com/en-us/money/markets/nvidia-board-urged-to-consider-potential-return-of-jensen-huang-by-two-major-investors/ar-AA2hroND)
9. [CNBC, "CNBC Excerpts: U.S. Treasury Secretary Scott Bessent Speaks with CNBC's 'Squawk Box'", 13 November 2026](https://www.cnbc.com/2026/11/13/cnbc-excerpts-us-treasury-secretary-scott-bessent-speaks-with-cnbcs-squawk-box-today.html)


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Nvidia director Mark Stevens sold $946 million of stock with no trading plan before the Huang scandal — The Inference. Canonical: https://theinference.org/article/nvidia-director-mark-stevens-sold-946-million-of-stock-with-no-trading-plan-before-the-huang-scandal