The Insider Ledger

Weekly intelligence from public SEC filings

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No-signal week: 26 filing lines, $369.5M in insider sales led by NVIDIA director Mark Stevens' $300.1M sale

2026-W39 · 2026-09-24

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.
8
Filings cited
1,520,614
Shares sold
$369.5M

Every transaction filed this week across the watchlist is a sale, and every one but one is disclosed as a Rule 10b5-1 plan trade fixed in advance. No open-market purchases, no new Schedule 13D filings, and no institutional 13F activity appear anywhere in the watchlist this week. Seven insiders across four companies filed: NVIDIA director Mark A. Stevens, NVIDIA general counsel Timothy S. Teter, NVIDIA CFO Colette Kress, Meta Chief Product Officer Christopher K. Cox, Meta COO Javier Olivan, AMD EVP Forrest Norrod, and Arm CFO Jason Child. Combined dollar volume is about $369.5M across 26 transaction lines. The one outlier is Stevens' $300.1M sale, which the filing does not flag as a 10b5-1 plan trade — unlike every other filing this week, its timing was not necessarily fixed in advance. Per our selection rubric, sales are excluded from strong or moderate signal regardless of plan status, so this remains weak-signal context rather than a story in its own right. Read this week as baseline noise, not signal.

NVIDIA director Mark Stevens sells $300.1M, the week's largest disposal and the only filing not flagged as a standing plan weak

Director Mark A. Stevens filed 2 sale lines on 2026-09-18 (filed 2026-09-22), totaling 1,366,000 shares for about $300.1M (events 0001199039-26-000016:0, 0001199039-26-000016:1). Unlike the other filings this week, this one carries no Rule 10b5-1 plan notation, so it may reflect a discretionary decision rather than a pre-arranged schedule. Even so, it is a sale, not a purchase, and per the selection rubric sales are weak-signal regardless of plan status. Stevens has filed similar large disposals in prior weeks, so this continues an established pattern rather than a new signal.

NVDA

NVIDIA general counsel Timothy Teter sells $6.8M under a standing plan weak

General Counsel & Secretary Timothy S. Teter filed 3 sale lines within a single accession on 2026-09-21 (filed 2026-09-23), totaling 30,460 shares for about $6.79M (events 0001696841-26-000014:0 through :2), disclosed as a Rule 10b5-1 plan transaction. This continues a recurring pattern of scheduled disposals and carries no read on his view of NVIDIA.

NVDA

NVIDIA CFO Colette Kress sells $7.6M under a standing plan weak

EVP & CFO Colette Kress filed 3 sale lines within a single accession on 2026-09-17 (filed 2026-09-18), totaling 34,918 shares for about $7.65M (events 0001588670-26-000014:0 through :2), disclosed as a Rule 10b5-1 plan transaction. Routine scheduled selling, consistent with prior weeks.

NVDA

Meta Chief Product Officer Christopher Cox sells $42.0M combined across two standing-plan filings weak

Chief Product Officer Christopher K. Cox filed two 10b5-1 sales this week: 1 line on 2026-09-15 (filed 2026-09-17) for 20,000 shares, about $13.50M (event 0000950103-26-014140:0), and 2 lines on 2026-09-21 (filed 2026-09-23) for 40,000 shares, about $28.51M (events 0000950103-26-014403:0, :1). Combined, roughly $42.0M, continuing the same standing-plan pattern seen in recent weeks.

META

Meta COO Javier Olivan sells $1.1M under a standing plan weak

COO Javier Olivan filed 5 sale lines within a single accession on 2026-09-21 (filed 2026-09-23), totaling 1,575 shares for about $1.07M (events 0000950103-26-014402:0 through :4), disclosed as a Rule 10b5-1 plan transaction. This continues the recurring standing-plan pattern seen in prior weeks; no offsetting purchase appeared from any watched actor.

META

AMD EVP Forrest Norrod sells $8.7M under a standing plan weak

EVP Forrest Norrod filed 9 sale lines within a single accession on 2026-09-15 (filed 2026-09-17), totaling 17,261 shares for about $8.68M (events 0000002488-26-000180:0 through :8), disclosed as a Rule 10b5-1 plan transaction. Routine scheduled selling, consistent with prior weeks.

AMD

Arm CFO Jason Child sells $3.1M under a standing plan weak

Chief Financial Officer Jason Child filed 1 sale line on 2026-09-21 (filed 2026-09-23), totaling 10,400 shares for about $3.12M (event 0001973239-26-000136:0), disclosed as a Rule 10b5-1 plan transaction. Continues the recurring pattern of scheduled disposals seen in prior weeks.

ARM

Sectors

semiconductors — Semiconductor insider activity totaled about $317.6M in sales: NVIDIA director Mark Stevens ($300.1M, the only non-plan filing of the week), NVIDIA CFO Colette Kress ($7.6M), NVIDIA general counsel Timothy Teter ($6.8M), AMD EVP Forrest Norrod ($8.7M), and Arm CFO Jason Child ($3.1M). No purchases, no 13D filings, and no institutional accumulation anywhere in the sector.

software_internet — Software/internet insider activity totaled about $43.1M in standing-plan sales: Meta Chief Product Officer Christopher Cox ($42.0M across two filings) and Meta COO Javier Olivan ($1.1M). No purchases and no institutional activity anywhere in the sector.