Jensen Huang
Nvidia co-founder; former CEO
Resigned 12 November. His reviewed September filing contains gifts and tax withholding, not market sales.
Photo & identity ↗Nvidia / people, positions & public information
Following the money.
Who traded before the news, what Nvidia’s price was doing, and how much the public record actually tells us.
The departure is confirmed. Nvidia says Jensen Huang resigned on 12 November. Company statement ↗
The trading records are real. They include a director’s large sales and political accounts buying as well as selling.
The information link is missing. The reviewed evidence does not establish insider trading or a paid media campaign.
01 Put the trade beside the price
Select a transaction or a news event. The price and its later movement appear alongside the record. Solid markers show trade dates; the selected filing milestone appears as a separate gray line.
NVDA · DAILY CLOSE · USD
SalePurchaseUnverified options leadNews
Click a marker or use the selector below. Marker sizes are equal; they do not represent dollar exposure.
Daily closes: Quiver Quantitative ↗; all 50 overlapping closes checked against Stock Analysis ↗, with no discrepancy. Calendar dates share one axis; weekends have no price observation. The purple line marks 29 October, not a verified intraday news timestamp. Gray lines mark the selected filing milestone; signing or receipt is not necessarily first public availability.
| Trade / reported bet | That day | Next session | 5 sessions later | 20 sessions later | To 12 Nov |
|---|
An up-day sale can be a lead. It is not an information trail.
We would also need the trader’s usual behavior, opening versus closing exposure, other portfolio positions, and evidence of access to the specific news. Selling into strength, rebalancing and hedging can produce the same pattern.
How to read the comparison
“That day” compares the trade-day close with the previous session’s close. Later returns start at the trade-day close and use 1, 5 or 20 subsequent trading sessions. They exclude dividends and fees. A closing quote is not the transaction’s execution price; a stock return is not a put option’s return. “Not yet observed” means the horizon extends beyond this snapshot.
A day’s positive close does not tell us whether the price was rising at the exact moment of a trade. The disclosed political records do not provide execution timestamps. Even the time of first public news has not been fully reconstructed. No statistical test of unusual trading or market-adjusted event study has been performed.
02 Know who is who
These are different roles in the story. Inclusion here does not mean a person traded or committed wrongdoing.
Colette Kress
Interim CEO and continuing CFO
Appointed 12 November. Included to explain the leadership change, not to allege a trading connection.
Photo & identity ↗
Mark A. Stevens
Nvidia director; S-Cubed managing partner
His trust sold 4.24m shares in the reviewed August–September filings.
Photo & identity ↗
Alice Huang · also known as Huang Le
Businesswoman associated with Megaspeed, the Singapore cloud company examined in the reporting. Reuters describes her as its former controlling shareholder.
She is not related to Jensen Huang. The intelligence allegation remains unproven in the records reviewed; Reuters could not independently verify it. Reuters identity reporting ↗ · DOJ’s reported position ↗
This is a captioned news photograph, not an inferred facial match or a generated portrait.
Political filers are pictured beside their records below. A filer’s photograph does not mean that the pictured person personally directed a spouse’s or trust’s trade.
03 Follow the actual accounts
Original SEC filings
Mark A. Stevens · $946.6m gross sale proceeds
Across six trading dates from 31 August to 18 September, the Third Millennium Trust sold 4,236,740 shares. Tranche-by-tranche arithmetic gives $946,627,633 in approximate gross proceeds using the reported weighted-average prices.
The 18 September sale alone was 1,366,000 shares, about $300.1m. The filings still show substantial direct and other trust holdings. The blank 10b5-1 checkbox does not itself establish misconduct or rule out every prior arrangement.
For political accounts, disclosures usually give dollar ranges. Below is a selected set checked against original forms, not a complete census of all officials. Purchases stay visible to avoid selecting only successful-looking sales.
| Filer / identity | Trade date · 2026 Direction & amount | NVDA close Day move | Disclosed account / filing milestone |
|---|---|---|---|
 Donald TrumpU.S. president · RepublicanPhoto & identity ↗ | 3 Aug Purchase $250,001–$500,000 | $206.64 +2.93% | Assets disclosed in presidential OGE report17 Sep signed · 25 Sep OGE receipt · 8 Oct public posting reportedOriginal disclosure ↗ |
Donald TrumpU.S. president · RepublicanPhoto & identity ↗ | 10 Aug Purchase $1,001–$15,000 | $217.55 -2.86% | Assets disclosed in presidential OGE report17 Sep signed · 25 Sep OGE receipt · 8 Oct public posting reportedOriginal disclosure ↗ |
Donald TrumpU.S. president · RepublicanPhoto & identity ↗ | 17 Aug Purchase $500,001–$1,000,000 | $225.01 -0.07% | Assets disclosed in presidential OGE report17 Sep signed · 25 Sep OGE receipt · 8 Oct public posting reportedOriginal disclosure ↗ |
Donald TrumpU.S. president · RepublicanPhoto & identity ↗ | 21 Aug Sale $500,001–$1,000,000 | $214.72 -0.98% | Assets disclosed in presidential OGE report17 Sep signed · 25 Sep OGE receipt · 8 Oct public posting reportedOriginal disclosure ↗ |
Donald TrumpU.S. president · RepublicanPhoto & identity ↗ | 24 Aug Purchase $1,001–$15,000 | $208.48 -2.91% | Assets disclosed in presidential OGE report17 Sep signed · 25 Sep OGE receipt · 8 Oct public posting reportedOriginal disclosure ↗ |
Donald TrumpU.S. president · RepublicanPhoto & identity ↗ | 26 Aug Purchase $15,001–$50,000 | $209.66 -1.59% | Assets disclosed in presidential OGE report17 Sep signed · 25 Sep OGE receipt · 8 Oct public posting reportedOriginal disclosure ↗ |
 Dan MeuserU.S. representative · PennsylvaniaPhoto & identity ↗ | 25 Sep Sale $1,001–$15,000 | $225.07 +0.22% | Spouse · Schwab brokerage5 Nov signedOriginal disclosure ↗ |
 Cleo FieldsU.S. representative · LouisianaPhoto & identity ↗ | 1 Oct Purchase $3,003–$45,000 total | $230.86 +1.09% | Three separate Etrade accounts22 Oct signedOriginal disclosure ↗ |
 Pete SessionsU.S. representative · TexasPhoto & identity ↗ | 2 Oct Sale $15,001–$50,000 | $233.95 +1.34% | Spouse · IRA One27 Oct signedOriginal disclosure ↗ |
 Ro KhannaU.S. representative · CaliforniaPhoto & identity ↗ | 7 Oct Sale $1,001–$15,000 | $237.47 -0.74% | Spouse · Ritu Ahuja 1994 Trust2 Nov notification · 5 Nov House receiptOriginal disclosure ↗ |
 Gil CisnerosU.S. representative · CaliforniaPhoto & identity ↗ | 20 Oct Sale $1,001–$15,000 | $216.47 -0.29% | 150 Main Street Trust · Bank of America10 Nov signedOriginal disclosure ↗ |
 Maria Elvira SalazarU.S. representative · FloridaPhoto & identity ↗ | 23 Oct Purchase $2,002–$30,000 total | $210.96 -0.59% | UBS IRA and brokerage accounts5 Nov signedOriginal disclosure ↗ |
Trump: five August buys matter as much as the sale
Purchases total $767,005–$1,580,000; the sale is $500,001–$1,000,000. The implied purchase-minus-sale range is −$232,995 to +$1,079,999, so the brackets do not establish net buying or selling. Purchases continued after the sale.
The sale happened on 21 August. The report was signed 17 September, received by OGE 25 September, and reportedly posted 8 October. Calling it an “October sale” would move the transaction seven weeks closer to the news. Original OGE disclosure ↗ · Posting-date context ↗
Khanna: an October partial sale, reported in November
The spouse trust’s 7 October sale is on page 17 of the original scanned disclosure, with the partial-sale box checked. Notification was 2 November; the House receipt stamp on page 1 is 5 November. Some trackers show 9 November as public disclosure. These milestones are not interchangeable. Original disclosure ↗
Huang’s reviewed September entries were not cash market sales
His reviewed Form 4 records 438,000 gifted shares and 45,728 shares withheld for taxes. Those transaction types should not be counted as open-market selling. This is not a claim that every Huang filing has been audited. Huang Form 4 ↗
04 Separate stock shorts from options
Outstanding short interest fell over October. It decreased from 311.4m to 279.6m shares, or 10.2%. That does not rule out an individual bearish bet; it does not support a simple market-wide short buildup either.
| Position snapshot | Shares short | Float | Scheduled public release |
|---|---|---|---|
| 30 Sep | 311,389,688 | 1.34% | 9 Oct |
| 15 Oct | 301,622,687 | 1.30% | 26 Oct |
| 30 Oct | 279,579,505 | 1.21% | 10 Nov |
ChartExchange data ↗ · FINRA release schedule ↗. Snapshots are not dates when positions were opened. The 13 November snapshot is scheduled for 24 November publication.
Reported lead · not independently verified
12 October · an unidentified bearish options structure
A public reproduction of an FT Alphaville report describes 180,000 January 2027 $150 puts bought and 280,000 $100 puts sold, at a reported $8.32m net cost. The reproduced analysis estimates about $196m in subsequent gains.
We have not verified the exchange prints, owner, opening trades or realized profit. The FT headline was accessible; the full article required registration. Detailed figures came from the reproduction, attributed to Macro Risk Advisors. FT article ↗ · Reproduction examined ↗
On that reported date, NVDA closed at $226.32, down 1.29%. It was already below its 6 October close of $239.24. This was not a verified bet placed against an otherwise rising daily price.
The extra puts sold create tail risk. This is not equivalent to a simple stock short, and could be part of a hedge against a long portfolio.
What the billion-dollar short-profit headlines mean
Reuters relayed ORTEX estimates of $3.8bn in paper gains as of the prior close in its 12 November morning report, potentially $6.8bn at a $163 price. The baseline period was not specified in the article. These figures are not identified traders’ cash profits. Reuters / ORTEX ↗
Why short volume and 13F filings cannot fill the gaps
Short-sale volume measures transactions; short interest measures outstanding positions at a snapshot. They are different quantities. FINRA explanation ↗
Quarterly 13F filings exclude stock shorts and written options. Long puts may appear, but without the full portfolio strategy or exact execution timing. A 30 September snapshot cannot identify a position first opened in October. SEC FAQ ↗
05 Establish when the news became public
There is no single “before the news.” The company connection was reported earlier than the espionage allegation, and the resignation came later still.
Public precursor. Reporting scrutinizes Megaspeed and its connection to Huang. Trading before October 2026 was not necessarily before all warning signs. Reuters chronology ↗
Reported private warning. Reuters’s account of NYT reporting describes a classified warning overseen by Secretary of State Marco Rubio. The memo and actual recipients were not independently obtained. Source ↗
Espionage allegations become public. NYT reports intelligence concerns. Antitrust news also appears that day, complicating price attribution. Contemporaneous market account ↗
Company inquiry. Nvidia announces an independent investigation and initially backs Huang, saying it has no reason to believe secrets or national security information were compromised. Original statement ↗
Further allegation and board deliberations. Reporting describes a relationship with a direct report, Kimberly Powell, and consideration of Huang’s removal. Reuters chronology ↗
Resignation confirmed. Nvidia appoints Colette Kress interim CEO while she remains CFO. Harvey C. Jones becomes board chair. Company announcement ↗
Press coverage and the evidence of coordination
Original reportingNYT and other reporting
→Wire coverageReuters / AP updates
→RepublicationMany outlets, some shared copy
A large headline count can partly reflect syndication. For example, Investing.com explicitly carries Reuters’s byline and copy ↗. Each republication is not a new independent investigation.
The coverage was not uniformly accusatory: Nvidia initially supported Huang, and Reuters reported that DOJ had not concluded Alice was a spy. China denied the allegation. Nvidia ↗ · Reuters on DOJ ↗
No payment or communications chain was established between the sampled traders and the news coverage. Publisher ownership and aligned interests would be leads, not proof. Confidential sources, editorial communications and publishers’ investment portfolios were not comprehensively audited.
06 Test the theory against what is missing
| Observation | What it supports | What would strengthen the inference |
|---|---|---|
| A director sold $946.6m before the October allegation. | A specific, substantial sale worth examining. | Prior trading pattern, instructions and evidence of knowledge at the time. |
| Some political accounts sold before public news. | Verified timing for those accounts; other accounts bought. | Decision-maker, briefing access, full trading population and portfolio context. |
| An options bet reportedly preceded the story. | A potentially important but unverified lead. | Original analysis, exchange prints, linked legs and beneficial owner. |
| Negative headlines clustered around the departure. | A rapid news cycle with visible syndication. | Actual payments, coordination or communications linking coverage to a beneficiary. |
Price declines also overlapped broader AI valuation concerns and other company news. Comparing NVDA with a semiconductor benchmark would help isolate unusual performance; the chart above shows raw stock returns only. AP on broader selling ↗
The next three useful checks
- Validate and identify the reported October options position.
- Match actual access to nonpublic information with the people directing the trades.
- Revisit delayed disclosures, including the 24 November short-interest release, and complete the comparison group.
These are research checkpoints, not an automatic monitoring schedule. Political PTRs can arrive weeks after a trade. House reporting deadlines ↗
Method, sources & photo credits
Verification means checking the stated fact at its source. A verified report of an allegation does not verify the allegation. Core political transactions were checked against original disclosures; Khanna’s scanned form was visually inspected. SEC tranches were recalculated. The price comparison uses unadjusted closing prices consistently and checks the overlapping source series. News timestamps and the universe of trading accounts remain incomplete.
Photos are provided for identification, with attribution links. Corporate portraits: Nvidia and S-Cubed Capital. Political portraits: official government sites. Alice photograph: obtained by Reuters, reproduced by To Vima / WSJ; its caption supplies the identification. All rights remain with the respective sources.
Open the individual portrait sources
- Jensen: Photo & identity ↗ · Original image ↗
- Kress: Photo & identity ↗ · Original image ↗
- Stevens: Photo & identity ↗ · Original image ↗
- Khanna: Photo & identity ↗ · Original image ↗
- Meuser: Photo & identity ↗ · Original image ↗
- Sessions: Photo & identity ↗ · Original image ↗
- Cisneros: Photo & identity ↗ · Original image ↗
- Fields: Photo & identity ↗ · Original image ↗
- Salazar: Photo & identity ↗ · Original image ↗
- Trump: Photo & identity ↗ · Original image ↗
- Alice: Photo & identity ↗ · Original image ↗