The Insider Ledger

Weekly intelligence from public SEC filings

Nothing on this site is investment advice. It is an automated research digest of public SEC filings.

No-signal week: 56 filing lines, all standing-plan disposals, $86.3M in sales led by AMD CEO Lisa Su's $48.1M scheduled sale

2026-W38 · 2026-09-17

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.
5
Filings cited
163,603
Shares sold
$86.3M

Every transaction filed this week across the watchlist is a Rule 10b5-1 plan sale — no open-market purchases, no new Schedule 13D filings, and no institutional 13F activity. Four insiders across three companies filed: Microsoft CFO Amy Hood, Meta COO Javier Olivan (across two separate accessions), Meta Chief Product Officer Christopher Cox, and AMD Chair/President/CEO Lisa Su. Combined dollar volume is about $86.3M across 56 transaction lines, with Su's $48.1M filing the largest single disposal of the week. Every filing here checks the Rule 10b5-1 affirmation box, meaning size and timing were fixed under a standing plan well before this week — the opposite of a fresh decision. Per our selection rubric, plan-based sales are excluded from strong or moderate signal regardless of size. Read this week as baseline noise, not signal.

AMD Chair/President/CEO Lisa Su files $48.1M in standing-plan sales, the week's largest disposal weak

Chair, President & CEO Lisa Su filed 22 sale lines within a single accession on 2026-09-10, totaling 95,000 shares for about $48.15M (events 0000002488-26-000178:0 through :21). The filing is flagged as a Rule 10b5-1 transaction, meaning the timing and size were fixed in advance under a standing plan rather than a discretionary decision made this week. This continues a recurring pattern of scheduled disposals seen in prior weeks and carries no read on her view of AMD.

AMD

Meta Chief Product Officer Christopher Cox sells $13.0M under a standing plan weak

Chief Product Officer Christopher K. Cox filed 2 sale lines on 2026-09-09, totaling 20,000 shares for about $13.01M (events 0000950103-26-013860:0, 0000950103-26-013860:1), 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.

META

Microsoft CFO Amy Hood sells $20.8M under a standing plan weak

CFO Amy E. Hood filed 6 sale lines within a single accession on 2026-09-14, totaling 41,674 shares for about $20.76M (events 0000789019-26-000212:0 through :5), disclosed as a Rule 10b5-1 plan transaction. This continues a recurring pattern of scheduled disposals seen in prior weeks and carries no read on her view of Microsoft.

MSFT

Meta COO Javier Olivan sells $4.3M combined across two standing-plan filings weak

COO Javier Olivan filed two more 10b5-1 sales this week: 21 lines on 2026-09-08 totaling 5,354 shares for about $3.30M (events 0000950103-26-013794:0 through :20), and 5 lines on 2026-09-14 totaling 1,575 shares for about $1.04M (events 0000950103-26-014061:0 through :4). Combined, roughly $4.34M, continuing the same standing-plan pattern seen in recent weeks. No offsetting purchase appeared from any watched actor.

META

Sectors

semiconductors — AMD's Lisa Su filed the sole semiconductor transaction this week, a $48.1M standing-plan sale — the largest dollar total of any sector and any single filing this week. No purchases, no 13D filings, and no institutional accumulation anywhere in the sector.

software_internet — Software/internet insider activity totaled about $38.1M in standing-plan sales: Microsoft CFO Amy Hood ($20.8M), Meta Chief Product Officer Christopher Cox ($13.0M), and Meta COO Javier Olivan ($4.3M across two filings). No purchases and no institutional activity anywhere in the sector.