Insiders of AI Companies Sold Shares Worth $7.4 Billion Before Market Crash

Insiders from 9 American companies operating in the field of artificial intelligence (AI) and related technologies sold shares worth $7.39 billion from May to October 2026. According to calculations by Protos, the transactions were reflected in 282 Form 4 reports filed with the U.S. Securities and Exchange Commission (SEC). The sales preceded a sharp decline in the technology market in early November.

Out of the total amount, $179 million was related to tax obligation transactions. Excluding these, the volume of other sales exceeded $7.2 billion across 243 SEC reports. The study covered Nvidia, Oracle, Micron, Broadcom, AMD, SanDisk, CoreWeave, Arista Networks, and Astera Labs.

Amid the November sell-off, the Nasdaq 100 index lost 6.4% during the trading session on November 5, and the total capitalization of American stocks decreased by $3.2 trillion, according to Protos. The publication also estimates a 32% decline in the PHLX Semiconductor index relative to the October peak and 16% since the beginning of November.

Sales by Nvidia and AMD Executives

Nvidia board member Mark Stevens sold shares worth $407 million in June. For the entire year 2026, his sales exceeded 6 million shares with a total value of more than $1.3 billion at prices ranging from $210 to $235 per share. He also notified the SEC of the possibility of selling an additional 5 million shares, then valued at more than $1 billion.

Another 4 Nvidia insiders sold shares worth $24.5 million. By the end of trading on November 5, the company's shares were priced at $181.60.

At AMD, 7 insiders sold shares worth $262 million, as reflected in 19 SEC reports. CEO Lisa Su sold 360,000 shares for $169 million, including transactions at the end of the summer. Among other sellers were Forrest Norrod ($34.4 million) and CTO Mark Papermaster ($26.3 million).

AMD shares fell 17.3% on November 5 to $404.40, 38.6% below the 2026 peak of $658.52.

Sales in Other Tech Companies

At cloud operator CoreWeave, insider sales amounted to $740 million following its inclusion in the Nasdaq 100. Throughout 2026, 12 insiders sold shares worth $2.88 billion across 141 reports. By the close of trading on November 5, CoreWeave shares were 68% below the annual peak.

SanDisk CEO David Gekeler sold shares worth $105 million in September at prices between $1,523 and $1,587. Another 5 insiders sold shares worth $26.4 million, bringing the total to $131 million. At the close on November 5, the company's shares were priced at $806.43 against the annual peak of $2,354.39.

In Broadcom, co-founder Henry Samueli's sales amounted to $750 million, with another 3 insiders selling shares worth $33.7 million. In Micron, sales reached $279 million across 18 reports, including $182 million by CEO Sanjay Mehrotra. In Oracle, 3 insiders sold shares worth $69 million, with $63.7 million attributed to Vice Chairman Jeffrey Henley.

The amounts presented by Protos reflect the value of the shares sold, not the net profit of their owners. The study shows that large transactions preceded the market decline, but does not establish whether they were related to expectations of future price drops.