Nvidia director Mark Stevens has filed to sell as many as 5 million Nvidia shares worth roughly $1.087 billion, creating a striking contrast with the chipmaker’s newly announced $12.93 billion acquisition of Hugging Face.
The Sept. 2 Form 144 filed with the US Securities and Exchange Commission lists Merrill Lynch as broker, Nasdaq as the proposed trading venue and Sept. 2 as the approximate sale date. Crucially, the filing is a notice of a proposed sale, not evidence that all 5 million shares have already been sold.
That distinction matters because Stevens has already been actively reducing his Nvidia exposure.
Stevens Has Already Sold About $707M Since June
The Form 144 shows Stevens-linked 3rd Millennium Trust sold 500,000 shares for about $109.9 million on June 4 and another 885,000 shares for roughly $186 million on June 18. It then sold 585,000 shares for $128.9 million on Aug. 31 and 63,501 shares for nearly $14 million on Sept. 1.
A separate Form 4 filed Sept. 2 shows another 1.2 million shares were sold that day in four 300,000-share blocks at weighted-average prices ranging from roughly $220.08 to $226.27. Those transactions were worth approximately $268 million, bringing disclosed Stevens-linked sales since June to around $707 million.
Despite the selling, investors have so far focused on Nvidia’s expanding AI business. NVDA closed Wednesday at $224.41, up 3.2%, as confidence in AI infrastructure spending strengthened.
That resilience follows Nvidia’s latest earnings, when revenue reached $96.2 billion and management guided fiscal third-quarter sales to approximately $108 billion. Coinpaper’s earnings coverage highlighted how rapidly the company’s AI-driven revenue base continues to expand.
Nvidia Makes a $12.93B Hugging Face Bet
The more important development for Nvidia’s long-term strategy arrived Thursday.
Nvidia officially announced an agreement to acquire Hugging Face for $12.93 billion, giving the GPU giant control of one of the most widely used platforms for open AI models, datasets and developer tools.
The deal deepens a relationship that already connected Hugging Face developers with Nvidia computing infrastructure and gives Nvidia another route to capture value beyond selling GPUs.
The acquisition also fits the broader shift described in Coinpaper’s coverage of AI infrastructure stocks, where investment is spreading across chips, networking, data centers and software. Nvidia’s recent Q2 earnings preview likewise showed that investors are increasingly focused on whether enormous AI spending can remain sustainable.
For shareholders, Stevens’ filing is therefore worth monitoring, but it should not be confused with an immediate $1.09 billion completed sale. The sharper question is whether continued insider selling eventually becomes substantial enough to outweigh Nvidia’s still-accelerating earnings and AI expansion story.