SEC Form 4 disclosures reveal that insiders at nine publicly traded AI firms collectively sold roughly $7.4 billion of equity between May and October 2026, just before the sector entered a steep correction. The sales, documented in 282 filings, were made by executives and board members at companies including Nvidia, Broadcom, AMD, Micron, Oracle, SanDisk, CoreWeave, Arista and Astera Labs, according to data compiled by Protos.

Scale of the insider cash‑outs

Across the 282 filings, discretionary sales (excluding $179 million of tax‑related transactions) totalled more than $7.2 billion. Nvidia director Mark Stevens alone sold $407 million in June and signaled the ability to sell an additional five million shares worth over $1 billion. Broadcom co‑founder Henry Samueli’s 2026 sales amounted to $750 million, while AMD insiders collectively realized $262 million, including $169 million by CEO Lisa Su. CoreWeave insiders logged $740 million in sales after the company’s Nasdaq‑100 inclusion, and Micron’s CEO Sanjay Mehrotra sold $182 million worth of shares.

Market backdrop and price impact

The insider activity coincided with a dramatic rally in AI‑related equities that peaked in October. Since then, the PHLX Semiconductor Sector index—a barometer for the AI boom—has dropped 32% from its high, while the broader Nasdaq‑100 fell 6.4% on Thursday. In the same session, U.S. listed stocks erased $3.2 trillion in market value, and the South Korean KOSPI hit an 8.5% limit‑down circuit breaker. Companies that saw the biggest insider sales have also suffered the steepest price declines; for example, Nvidia closed at $181.60 per share, far below the $210‑$235 range at which insiders sold, and AMD fell to $404.40, down 38.6% from its $658.52 peak.

What to watch next

Analysts will monitor whether further insider sales emerge as the AI sector continues to correct, and whether any regulatory scrutiny follows the concentration of large cash‑outs. Investors should also watch the performance of the PHLX Semiconductor Sector index and related ETFs for signs of stabilization or further downside. Finally, upcoming earnings releases from the highlighted companies may provide additional context on whether the insider transactions were driven by personal financial planning or expectations of deteriorating fundamentals.