Nvidia Insiders Trim Stakes as Huang Bets on Doubling Chip Shipments
Published on 09/19/2026 at 03:20 | Editorial boerse-global.de
Insider filings rarely tell a growth story on their own, but the paperwork landing at the SEC this week offers a useful counterpoint to the bullish narrative Jensen Huang has been building on the road. Several Nvidia executives moved stock in recent days, though the transactions read more like routine housekeeping than a signal of fading conviction.
CFO Colette Kress sold 34,918 shares on Thursday for roughly $7.65 million, executing a trading plan adopted back on June 16 under SEC Rule 10b5-1. The same week, 40,747 of her shares were withheld on Wednesday to settle tax obligations tied to vesting equity awards. After all of it, Kress still holds 765,103 Nvidia shares outright.
Huang's own filings follow a similar pattern. On Thursday he gifted 438,000 shares to charitable causes — 292,000 to the Huang Foundation and 146,000 to a donor-advised fund. A day earlier, 45,728 of his shares were withheld at a price of $212.17 to cover taxes. No open-market sale on personal initiative appears in his disclosures. Other board members, including operations chief Debora Shoquist, saw comparable tax-related withholdings after restricted stock units vested. Taken together, the week's activity was dominated by scheduled dispositions and tax mechanics rather than discretionary selling.
A Doubling Promise, and the Memory Chain Behind It
The filings arrive against a far louder backdrop. Speaking before the AI summit in Scotland, with King Charles III in attendance, Huang pledged that Nvidia would sell twice as many chips in 2027 as in 2026 — a unit-volume target, not a revenue one. That claim carries more weight than the modest 2.54% gain the stock posted Thursday to $219.34.
The arithmetic invites scrutiny. If unit volumes double while revenue guidance for the fiscal year ending January 2028 sits at roughly 70% growth to about $673 billion, then either average selling prices fall sharply or the 70% figure is calculated conservatively. Both possibilities matter to investors, and neither can be settled yet.
Should investors sell immediately? Or is it worth buying Nvidia?
What stands out is how quickly the supply chain responded. Samsung Electronics climbed 3.37% on Friday and SK hynix jumped 6.42%, both beneficiaries of high-bandwidth memory, where prices are reported to rise 30% to 50% per generation. The Philadelphia Semiconductor Index and Korea's Kospi advanced alongside them — a vote of confidence in Nvidia's growth pledge from the broader chip complex, not just from Nvidia itself. Morgan Stanley estimates that Nvidia, Alphabet and AMD will together consume about 85% of global HBM supply in 2027, with Nvidia alone accounting for 37.3%.
That dependency cuts both ways. HBM's share of a GPU's material costs is reported to be climbing from around 20% to more than 50%, which means Huang's doubling plan rests on a memory chain that SK hynix, Samsung and Micron have already sold out for 2027. Fresh capacity will not arrive before late 2027 or 2028. The real risk here is not softening demand but physical shortages.
Fundamentals Still Back the Story
Near-term numbers lend Huang credibility. In the second quarter of fiscal 2027, Nvidia reported record revenue of $96.2 billion, up 106% year over year, powered by a data-center segment that brought in $89 billion. GAAP gross margin came in at 75%. For the third quarter, management guided to $108 billion, with a 2% margin of error — though that figure excludes China data-center revenue, a caveat worth reading twice.
Competition from China is narrowing the gap on paper without closing it. At Huawei Connect in Shanghai, Huawei pulled forward roadmap details: the Ascend 960DT is now slated for the first quarter of 2027 rather than later, with up to 4 PFLOPS of FP4 compute. By the available comparisons, the chip doubles its predecessor's memory and performance but reaches only about half of Nvidia's B300 in FP8 compute and roughly a third in FP4. The headlines about Huawei "catching up" deserve that context. Huang himself has acknowledged the longer-term pressure, suggesting China could bring advanced lithography into mass production by 2030.
Where the Stock Stands
On valuation, Nvidia carries a market capitalization of about EUR 4.46 trillion, trading roughly 5.4% below its 52-week high of EUR 202.50 and more than 34% above its March 30 low. The shares sit just under 3% above their 50-day moving average and 12% above the 200-day — moderate strength rather than overheating, consistent with an RSI reading of 53. In European trading Friday, the stock closed at EUR 193.10, leaving it 4.6% short of its 52-week peak.
Analyst interest in future data-center capacity for the Blackwell and Rubin lines remains elevated. Vivek Arya of Bank of America keeps a buy rating on the name. Gene Munster of Deepwater Asset Management points to the high bar the market has set: even with solid operating results, investors are watching closely whether the massive infrastructure spending by big tech continues at the pace projected.
The takeaway is that demand, customer commitments and analyst reactions all point the same direction — growth that looks structural rather than cyclical. The constraint sits upstream, in memory. Scarce HBM capacity could stall Huang's doubling pledge no matter how full the order book is, which is why memory pricing and capacity announcements from the Korean suppliers deserve more attention than the next revenue print.
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