The sales, the headlines,
the departure.

Mark Stevens’s trust sold $946.6 million of Nvidia shares as he bought into the Seattle Seahawks. Weeks later, allegations about Jensen Huang escalated into a leadership crisis. The public record, in chronological order.

13 November 2026 · Private research · Share prices through 12 November

Left: Nvidia’s closing share price in US dollars. Right: the event or transaction. Sales show gross proceeds, not profit. Price source ↗

March–June 2026

Earlier sales and a major gift.

Stevens’s trust sells $38.50m.

Mark A. StevensNvidia board member; manages S-Cubed Capital. Former Sequoia partner.

Third Millennium Trust, managed by Stevens and his wife, sells 221,682 shares. Its average sale price is $173.68 per share.

The sale provides an earlier comparison for the much larger disposals later in the year.

Mark Stevens is a Nvidia board member.

He first served on the board from 1993 to 2006, then returned in 2008. Nvidia lists him on two board committees.

CEO pay: He sits on the Compensation Committee, which approves the CEO’s pay and other executive compensation.
Company oversight: He also sits on the Nominating and Corporate Governance Committee. It recommends board candidates and oversees governance. Its remit includes trade compliance and regulatory risks, plus the company’s compliance program.
Investment career: Managing partner of S-Cubed Capital, a private family office, since 2012. Previously a managing partner at Sequoia Capital, 1993–2011.
The selling account: Stevens and his wife are co-trustees of Third Millennium Trust, the account making the sales shown here.

Nvidia biography ↗Pay committee charter ↗Governance charter ↗

Why his role matters: he participates in Nvidia’s formal oversight. These are collective committee powers. The records reviewed do not establish how he personally voted on Huang’s departure or which confidential briefings he received.

SEC transaction record ↗

The Stevens family announces a $200m gift to USC.

The university announces the gift from Mark and Mary Stevens for AI and computing. The announcement identifies a major financial commitment, but gives no payment schedule or source of funds.

USC announcement ↗

Stevens’s trust sells $111.19m.

500,000 shares. Average sale price: $222.38.

SEC transaction record ↗

Stevens’s trust sells $109.91m.

500,000 shares. Average sale price: $219.83.

A separate gift of shares

The same filing records 307,500 shares given away without payment. The recipient is not identified here. This gift is excluded from sale proceeds.

SEC transaction record ↗

Stevens’s trust sells $186.00m.

Third Millennium Trust, managed by Stevens and his wife, sells 885,000 shares. Its average sale price is $210.17 per share.

Across these four March and June sale dates, the trust has sold 2.11m shares for $445.6m.

SEC transaction record ↗

August 2026

Public disclosures and the start of larger sales.

BUY Trump disclosure: $250,001–$500,000.

President Donald J. Trump Official Presidential Portrait

Donald TrumpPresident of the United States; filer of this financial disclosure.

His August disclosure records five Nvidia purchases and one sale. Each transaction now appears on its own date below. The report does not identify who instructed the trades.

Original disclosure · row 63 · page 3 ↗

Trade dates and disclosure dates

The dates on these six entries are transaction dates. The report was signed on 17 September and received by OGE on 25 September. Those later administrative dates are not additional trades. Nvidia’s close at left is the market price at the end of that session, not the execution price.

BUY Trump disclosure: $1,001–$15,000.

Nvidia shares purchased. The amount in the heading is the disclosed dollar range for this transaction.

Original disclosure · row 326 · page 11 ↗

BUY Trump disclosure: $500,001–$1,000,000.

Nvidia shares purchased. The amount in the heading is the disclosed dollar range for this transaction.

Original disclosure · row 508 · page 17 ↗

SELL Trump disclosure: $500,001–$1,000,000.

Nvidia shares sold. This is the one sale among these six records. It follows purchases on 3, 10 and 17 August; purchases resume on 24 and 26 August.

Original disclosure · row 473 · page 16 ↗

BUY Trump disclosure: $1,001–$15,000.

Nvidia shares bought again, after the 21 August sale. The disclosure reports a purchase of $1,001–$15,000.

Original disclosure · row 261 · page 9 ↗

BUY Trump disclosure: $15,001–$50,000.

Another purchase after the sale. Across the five buy dates, disclosed amounts total $767,005–$1,580,000 bought. The single sale is $500,001–$1,000,000 sold.

These are dollar ranges, not share counts or exact amounts. The ranges overlap, so they do not establish whether more money went into Nvidia than came out overall.

Original disclosure · row 373 · page 13 ↗

Nvidia reports earnings. The Seahawks sale receives approval.

Nvidia publishes its quarterly results. On the same date, NFL owners approve the Seahawks acquisition that will include Stevens as an investor. His next reviewed Nvidia sale follows five calendar days later.

Nvidia results ↗Team’s closing announcement ↗

Stevens’s trust sells $128.87m.

Mark A. StevensNvidia board member; manages S-Cubed Capital. Former Sequoia partner.

Third Millennium Trust, managed by Stevens and his wife, sells 585,000 shares. Its average sale price is $220.29 per share.

This begins six sale dates over nineteen calendar days. All six sales are from Third Millennium Trust.

SEC transaction record ↗

September 2026

The Seahawks purchase and $946.6m sale cluster.

Stevens’s trust sells $13.97m.

63,501 shares. Average sale price: $220.06.

SEC transaction record ↗

Stevens’s trust sells $268.00m.

Third Millennium Trust, managed by Stevens and his wife, sells 1,200,000 shares. Its average sale price is $223.33 per share.

A Form 144 dated today also proposes selling 5m shares, estimated at $1.087bn, through Merrill Lynch. It names both Third Millennium Trust and 970 Foundation. The notice is not an additional completed sale.

Sale notice and trading-plan status

A Form 144 is a notice of a proposed sale, not a Rule 10b5-1 trading plan. The reviewed September Forms 4 do not mark the 10b5-1 checkbox. That does not establish wrongdoing or show that no instructions existed.

The notice includes Stevens’s representation that he did not know undisclosed material adverse information. That statement is not independent verification of his knowledge.

Proposed-sale notice ↗

SEC transaction record ↗

Stevens sells $91.51m as the Seahawks purchase closes.

Third Millennium Trust, managed by Stevens and his wife, sells 400,000 shares. Its average sale price is $228.78 per share.

The team names him among its new co-owners. His law firm later confirms representing him in the transaction. The purchase is a concrete possible reason to raise cash; the records reviewed do not trace Nvidia proceeds into the team.

Ownership and funding

Front Office Sports describes Stevens as the largest minority investor, citing sources. His exact stake, payment schedule and funding are not disclosed. Some Nvidia sales occurred after closing, so the full sale total cannot simply be assigned to the purchase.

Ownership reporting ↗

Team announcement ↗Law firm confirmation ↗

SEC transaction record ↗

Stevens’s trust sells $144.12m.

622,239 shares. Average sale price: $231.62.

SEC transaction record ↗

A final $300.15m sale brings the cluster to $946.6m.

Mark A. StevensNvidia board member; manages S-Cubed Capital. Former Sequoia partner.

Third Millennium Trust, managed by Stevens and his wife, sells 1,366,000 shares. Its average sale price is $219.73 per share.

4,236,740 shares sold across six dates. This is about twice the share count sold on the four earlier March and June dates reviewed.

The selling trust is down to 970,531 shares—an 81.4% reduction across this cluster. Across direct ownership and both reported trusts, however, Stevens still reports 27.53m shares. The cluster represents about 13.3% of the reconstructed starting total.

Holdings and filing date

The remaining holdings are 970,531 in Third Millennium Trust, 15,017,750 in Envy Trust and 11,544,612 directly. The combined starting total is reconstructed by adding the 4,236,740 shares sold to the ending holdings. These accounts need not be freely interchangeable personal assets.

The last Form 4 is signed 22 September. Gross proceeds are before costs and tax; they are not profit. These selected earlier trades are a comparison, not a complete multiyear baseline.

SEC transaction record ↗

Meuser’s spouse’s account sells $1,001–$15,000.

Account, identity and original disclosure

Dan MeuserU.S. congressman from Pennsylvania.

The disclosed sale belongs to his spouse’s brokerage account.

5 Nov signed. Partial sale. The filer is not necessarily the person who placed the trade.

House disclosure ↗

Investors are already discussing Stevens’s sale.

A public discussion questions the September sale and points to his Seahawks investment. One comment incorrectly describes him as a majority owner. The dated filing and discussion show that the sale was public weeks before the spy allegation.

Contemporary discussion ↗SEC filing ↗

October 2026

A higher share price, a reported bet, then allegations.

Fields’s disclosed accounts buy $3,003–$45,000.

Account, identity and original disclosure

Representative Cleo Fields Louisiana's 6th Congressional District

Cleo FieldsU.S. congressman from Louisiana.

Three reported purchases, combined. The amounts are disclosure ranges.

22 Oct signed. Three buys of $1,001–$15,000 each; separate accounts, not duplicate records.

House disclosure ↗

Sessions’s spouse’s account sells $15,001–$50,000.

Account, identity and original disclosure

Congressman Pete Sessions Represeting Texas 17th Congressional District

Pete SessionsU.S. congressman from Texas.

The disclosed account is his spouse’s retirement account.

27 Oct signed. Several other stocks were sold that day in this account.

House disclosure ↗

Nvidia closes at $239.24.

The shares are 7.6% above their 18 September close, despite Stevens’s earlier selling. The subsequent fall has not yet occurred.

Daily closing prices ↗

Khanna’s spouse’s trust sells $1,001–$15,000.

Ro KhannaU.S. congressman from California.

SELL · $1,001–$15,000. The filing identifies his spouse’s Ritu Ahuja 1994 Trust and marks this as a partial sale. It does not show that Khanna placed the order.

The transaction date is 7 October 2026. The separate 2 November date is notification of the transaction; the House received the report on 5 November. No execution time is given.

Original House disclosure · page 17 ↗

22 days before the spy allegation—not one hour. The allegation became public on 29 October; Huang admitted an affair on 8 November, 32 days after this sale.

Reuters news chronology ↗

Where the viral claim came from and how the price changed

Twitchy’s 12 November article embeds that one-hour claim from a Jimmy Failla post. The article supplies no timestamped brokerage record to substantiate it.

The price fall spans weeks: Nvidia closed at $239.24 on 6 October, $237.47 on the sale date, and $166.19 on 12 November. The 30.5% fall from 6 October to 12 November is not a one-hour crash. Timing alone does not establish advance knowledge.

Article carrying the claim ↗Reuters news chronology ↗Closing prices ↗

An anonymous options bet is later reported.

A public reproduction of an FT report describes a trade costing about $8.32m that would benefit from some falls in Nvidia’s price. It attributes a later gain estimate of roughly $196m to Macro Risk Advisors. The trade and its owner remain unverified in this report.

Reported structure and access limit

The reproduced account describes 180,000 January 2027 $150 puts bought and 280,000 $100 puts sold. The sold options make the position more complex than a simple short and create risk at lower prices. It could also hedge other holdings.

The original FT headline was accessible; the full article required registration. The detailed numbers come from the reproduction, not independently checked exchange records. No realized profit is established.

FT article ↗Reproduction examined ↗

Cisneros’s trust sells $1,001–$15,000.

Account, identity and original disclosure

Gil CisnerosU.S. congressman from California.

The disclosure describes a partial sale in a trust account.

10 Nov signed. Partial sale; this identifies the disclosed account, not the investment decision-maker.

House disclosure ↗

Salazar’s disclosed accounts buy $2,002–$30,000.

Account, identity and original disclosure

Maria Elvira SalazarU.S. congresswoman from Florida.

Two reported purchases, combined. The amounts are disclosure ranges.

5 Nov signed. Two buys of $1,001–$15,000 each in distinct accounts.

House disclosure ↗

The spy allegation becomes public.

Jensen HuangNvidia co-founder and chief executive at the time.

The New York Times reports that U.S. officials believed Alice Huang passed information to China while close to Jensen Huang. The allegation is not established as fact in the records reviewed here.

The Megaspeed connection had appeared in reporting in October 2025. This date marks the new espionage allegation, rather than the first public scrutiny of that business relationship.

Alice Huang’s identity and other news that day

Reuters-captioned photograph showing Alice Huang seated beside Jensen Huang

Alice Huang is a businesswoman associated with Megaspeed, a cloud-computing company. She is not related to Jensen Huang. Reuters’s caption identifies her seated beside Jensen near the center of this photograph.

Photo and caption ↗

A separate antitrust inquiry was also in the news. Exact intraday publication times have not been established here, so the day’s price movement cannot be assigned to one story.

Identity reporting ↗Same-day market report ↗

Reuters chronology ↗

Reported stock shorts have fallen during October.

The short-interest snapshot shows 279.6m shares short, down from 311.4m on 30 September—a decline of about 10.2%. The data do not show a market-wide build-up of stock shorts over that period.

Snapshot dates and publication delay

30 September: 311,389,688 shares. 15 October: 301,622,687. 30 October: 279,579,505. The last snapshot was published 10 November; it was not available on the date shown at left.

These totals do not identify traders or include all options positions. Daily short-sale volume is a different measure.

Short-interest history ↗Publication schedule ↗

November 2026

The investigation, press coverage and leadership change.

Nvidia opens an investigation and supports Huang.

The board announces an independent investigation and expresses confidence in Huang. It says it has no reason to believe national security or company secrets were compromised.

The announcement is on Sunday. The market is closed; the price alongside is Monday 9 November’s close.

Nvidia board statement ↗

The coverage expands from allegations into policy judgment.

A Bloomberg Opinion column by Catherine Thorbecke appears in The Straits Times; CNA carries the same column the following day. Its headline dismisses everything Huang had said about China. This is one signed argument circulating under several mastheads.

That conclusion goes beyond the underlying allegation: Huang’s conduct does not, by itself, settle whether his arguments about chip-export policy were correct.

Publication and sourcing notes

Dates are those displayed by these editions, not a verified first-publication timestamp. The CNA column acknowledges Nvidia’s statement about no reason to believe secrets were compromised.

Trump also reportedly calls Huang on this date and urges him to fight for his job. That account becomes public later: Reuters reports the NYT account on 12 November, rather than independently confirming the call.

Reuters attributing NYT ↗

10 Nov edition ↗11 Nov edition ↗

The board accepts Huang’s resignation.

Reporting describes an alleged relationship with a subordinate and board discussions about Huang’s future. A later SEC filing records that the board accepted his resignation as CEO, president and director on 11 November, effective immediately.

The stock closes higher that day. The filing gives no decision time, so that rise cannot be treated as the market’s response to the resignation.

SEC record ↗Reuters chronology ↗

Nvidia announces the departure. Shares close at $166.19.

Colette Kress, Interim CEO; EVP and Chief Financial Officer

Colette KressNvidia finance chief; appointed interim CEO while remaining CFO.

The public announcement follows the previous day’s board decision. Nvidia’s shares finish 4.34% lower, and 25.2% below their 18 September close. The company confirms the leadership change; that does not establish the espionage allegation.

Reuters reports that the Justice Department has not concluded Alice Huang was a spy. That is neither a finding of espionage nor an exoneration.

Bloomberg’s coverage includes different views

Ian King’s Bloomberg News lead reports the departure and describes the woman as a suspected spy. A Bloomberg interview listing presents a guest’s view that Huang is “irreplaceable.” These are different types of coverage; the guest’s position is not the outlet’s endorsement.

Access was limited to the news headline and lead, and the interview listing. The full news article and video were not reviewed.

Bloomberg news ↗Bloomberg interview listing ↗

Nvidia announcement ↗DOJ reporting ↗

Reporting reveals a business conflict that predates the scandal.

The Wall Street Journal describes an August confrontation between Huang and Kress over customer-financing guarantees and supply commitments. The report, by Anissa Gardizy and Robbie Whelan, relies on people familiar with private discussions; its full syndicated text was reviewed.

The account adds a business dispute to the background of the leadership change. It also says Huang himself had questioned the size of the commitments and Kress had publicly defended the financing strategy. It does not establish that she organized his departure.

Bloomberg publishes a dramatic account of Huang’s final hours. Its indexed headline and bylines were accessible, but the full article was not, so its complete sourcing and context remain unaudited.

WSJ via To Vima ↗Bloomberg account ↗Headline and byline index ↗

The records establish a large series of sales, an overlapping investment and a later leadership crisis. They do not establish where Stevens’s proceeds went or connect him to the anonymous options position.

The press sample contains harsh commentary, attributed reporting and syndicated copies. No verified payment or communication in the reviewed material links those publications to a coordinated effort by the traders or board members.