AI-linked billionaires sold $1.7 billion of stock as Nvidia's valuation neared a decade low

Divide the proceeds by the shares and Stevens's selling looks steady. His 4,236,740 shares for $946.6 million average about $223 each ^[1][18]. His largest block, 1.848 million shares sold in late August or early September for about $411 million, went for about $222 a share ^[11][23]. That one window was roughly 43% of his quarter's proceeds ^[24]. Ullal's sales averaged about $200 per Arista share ^[2][19].

Those prices came in a rough quarter. According to Bloomberg, AI stocks fell in July on worries about the capital going into the sector and recovered partway. They slid again in mid-September after Anthropic's Dario Amodei and OpenAI's Sam Altman publicly urged a slowdown in advanced AI development, then mostly rebounded ^[8]. Stevens was selling a stock whose price had risen and whose valuation had fallen: Nvidia's shares were up nearly 30% for the year while its valuation approached its lowest level in more than a decade ^[7].

Set against what they hold, the sales are modest. Stevens's proceeds equal about 7.8% of his estimated $12.2 billion net worth ^[5][22]. Bezos's roughly 1.2 million shares are about 8% of the 15 million his plan allows ^[3][10][25]. The Form 4 filings behind the list do not state a reason for any sale ^[16]. The Washington Service tally also leaves out shares sold in public offerings ^[15].

Three readings fit the list. In one, holders with concentrated positions are diversifying on schedule; the November 2025 plan date and the steady block prices support it ^[10][23]. In another, insiders at companies selling into the AI buildout, such as Arista with its data-center networking gear ^[9], are calling a top. That would show up as selling that speeds up while stakes shrink. A third has insiders selling into the rebounds after the July and September drops, but the only sale the sources date to the day is Bezos's, on August 3 ^[4].

I think the first reading fits the evidence best. The case against it is where the dollars sit. The four sellers the sources tie to AI (Stevens, Ullal, CoreWeave's Michael Intrator and Bezos) account for about $2.09 billion of the top six's $2.92 billion, roughly 71% ^{[13][12][26][27][28]}. Yet the second-quarter list was almost entirely AI insiders, and the third added healthcare and biotech chiefs such as United Therapeutics' Martine Rothblatt and BeOne Medicines' John Oyler, according to Bloomberg ^[14]. The view is wrong if Stevens keeps selling at this pace until he is no longer Nvidia's second-largest individual shareholder ^[5].