The Insider Ledger

Weekly intelligence from public SEC filings

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A no-signal week: 28 filings, all disposals, $470.6M in sales across NVIDIA, Microsoft, Alphabet, AMD, and Arm

2026-W36 · 2026-09-03

What am I looking at?

Every week an automated pipeline reads new SEC filings — insider trades (Form 4), activist stakes (Schedule 13D), and quarterly fund holdings (Form 13F) — from a fixed watchlist of prominent investors and founders, and writes the analysis below. Every claim links to the filings it comes from.

Each story carries a signal label: strong marks actions that historically carry information (open-market insider purchases, buying clusters, new activist stakes); moderate marks noteworthy but ambiguous moves; weak marks routine activity such as scheduled 10b5-1 sales. The cards below total the shares and dollar value in the filings this edition cites. See the methodology for the full rubric.
6
Filings cited
1,990,508
Shares sold
$470.6M

Every one of the 28 transactions filed this week across the watchlist is a sale — there is not one open-market purchase, no new Schedule 13D, and no institutional 13F activity to report. Six insiders across five companies filed: an NVIDIA director, NVIDIA's general counsel, Microsoft's CEO, an Alphabet director, AMD's CFO, and Arm's CFO. Combined dollar volume is about $470.6M, though that figure is dominated by one filing: an NVIDIA director's $410.8M disposal through a family trust, which — unlike every other filing this week — is not flagged as a pre-arranged Rule 10b5-1 plan trade. Per our selection rubric, sales are excluded from strong or moderate signal regardless of plan status, since a disposal alone does not indicate a change in view the way an open-market purchase or a new activist stake would. Read this week as baseline noise, not signal, with one filing worth flagging for size and timing rather than for what it implies.

NVIDIA director Mark Stevens sells $410.8M in non-plan disposals, the week's largest filing by far weak

Director Mark A. Stevens filed 7 sale lines across 2026-08-31 through 2026-09-02 totaling 1,848,501 shares for about $410.8M (events 0001199039-26-000012:0 through :6), sold indirectly through a trust. Unlike every other filing this week, the Form 4 does not check the Rule 10b5-1 affirmation box, meaning the timing was not fixed under a standing plan. That makes it the one discretionary sale of the week and the largest single filing by dollar value on the whole watchlist. Even so, our rubric treats insider sales as weak/exclude regardless of plan status — a disposal doesn't carry the same read as a purchase — so we flag this for its size and timing rather than treating it as a signal.

NVDA

NVIDIA general counsel Timothy Teter sells $6.5M under a standing plan weak

EVP, General Counsel & Secretary Timothy S. Teter filed 3 sale lines on 2026-08-31 totaling 30,000 shares for about $6.5M (events 0001696841-26-000010:0 through :2), disclosed as a Rule 10b5-1 plan transaction. The size and timing were pre-arranged, so this is routine scheduled selling rather than a decision made this week.

NVDA

Microsoft CEO Satya Nadella files $43.4M in standing-plan sales weak

Chairman and CEO Satya Nadella filed 8 sale lines on 2026-09-01 totaling 86,525 shares for about $43.4M (events 0000789019-26-000161:0 through :7), all flagged as Rule 10b5-1 plan transactions. Line sizes range from 1,040 to 32,901 shares, consistent with a pre-set formula rather than a discretionary call made this week.

MSFT

Alphabet director Frances Arnold sells a symbolic $27.7K under a standing plan weak

Director Frances Arnold sold 82 shares for about $27.7K on 2026-08-28 (event 0001193125-26-377149:0), disclosed as a Rule 10b5-1 plan transaction. The size is negligible relative to Alphabet's market cap and carries no signal.

GOOGL

AMD CFO Jean Hu sells $7.1M under a standing plan weak

EVP, CFO and Treasurer Jean X. Hu filed 8 sale lines on 2026-08-25 totaling 15,000 shares for about $7.1M (events 0001452385-26-000008:0 through :7), all flagged as Rule 10b5-1 plan transactions. This continues a recurring pattern of scheduled disposals and carries no read on her view of AMD.

AMD

Arm CFO Jason Child sells $2.7M under a standing plan weak

Chief Financial Officer Jason Child sold 10,400 shares for about $2.66M on 2026-08-27 (event 0001973239-26-000122:0), disclosed as a Rule 10b5-1 plan transaction. Routine scheduled selling, not a discretionary decision made this week.

ARM

Sectors

semiconductors — Semiconductor insider activity this week totaled about $427.1M in sales, almost entirely NVIDIA director Mark Stevens's $410.8M non-plan disposal, alongside smaller standing-plan sales from NVIDIA's general counsel ($6.5M), AMD's CFO ($7.1M), and Arm's CFO ($2.7M). No purchases, no 13D filings, and no institutional accumulation anywhere in the sector.

software_internet — Microsoft CEO Satya Nadella filed about $43.4M in standing-plan sales, and an Alphabet director sold a symbolic $27.7K, also under a standing plan. Combined with semiconductors, every dollar of insider activity across the watchlist this week was a disposal.