This analysis was first published in SvD Näringsliv, in Swedish, on May 20th, 2026. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.
Is now a good time to buy Nvidia? Ahead of the quarterly report, that’s the question everyone with a stock portfolio is asking. The answer insider trading gives is unambiguous.
Insider trading has an undeservedly bad reputation. It often sounds like something shady is going on. The label “insider crime” is probably the association that muddies the waters.
But the most common form of insider trading — the kind that isn’t criminal — is where executives at publicly listed companies report their transactions. Purchases and sales. And through these, you can sometimes make out a story about the company in question. Ahead of Nvidia reporting its quarterly results late Wednesday evening, SvD examined precisely that story — and it is both crystal clear and unusual.
Colette Kress, CFO of Nvidia, cannot have been bored at work lately. When she started in 2013, the share price was around $0.40. Today the equivalent figure is around $225 — a record high in the company’s history. Several executives at Nvidia receive shares as part of their compensation — including Kress, who has ultimate responsibility for the company’s finances. After such a run, you can understand the impulse to secure your personal finances by selling some shares.
And her personal finances are well secured today. To put it mildly.
Over the past three years, Kress — an insider at Nvidia — has sold shares worth more than $160 million, over SEK 1.5 billion at today’s exchange rate. As recently as this March, she sold shares worth just under $11 million.
Kress is not alone. An analysis I conducted shows that Nvidia insiders have done nothing but sell shares over the past five years. There is not a single insider purchase registered in that period. Neither executives nor board members have put a single dollar of their own money into buying the company’s shares since September 2020 — and even then, it was only one person who bought. At that point the share price was just under $13, in a transaction worth under half a million dollars, according to filings with the SEC. That weighs rather lightly against the selling that followed.
Nvidia’s founder and CEO Jensen Huang has also sold heavily. In just the past three years he has sold around $1.9 billion worth of shares — just under SEK 18 billion. Huang’s shares, like those of several other insiders, have been sold on a pre-set schedule. The purpose is to try to avoid speculation about why an insider chose to sell at a particular moment. The schedule avoids sending unintended market signals. But the quantity of shares sold is still controlled by the insider in question. And most importantly — you don’t actually have to sell your shares at all.
To add some nuance to Huang’s sales, it is worth looking at how many shares he still holds. He owns just over 3 percent of Nvidia’s total shares, a stake currently worth around $183 billion. Over the past three years he has sold roughly 1 percent of that total.
A personal finance advisor would immediately say that Huang’s disposals are on the low side — despite the large sums involved. That large a proportion of your wealth generally should not sit in a single asset. On the other hand, we are well beyond the argument of securing Huang’s personal future here. We are talking about billions of dollars in sales in just the recent period.
Ahead of Wednesday evening’s quarterly report, the market will be looking for signs of whether the rocket the Nvidia share has become can continue to climb. The pressure from AI companies suggests that demand far exceeds the supply of Nvidia’s valuable chips.
At the same time, it is remarkable that those with the most direct insight into the question — all insiders in the executive team and in the company’s top tier — do not appear to share that view. Why is everyone selling? Why has not a single senior executive bought a single Nvidia share in the past five years, despite this front-row view of the ongoing boom? Even if you receive shares as compensation, you could simply hold them rather than sell.
Insider trading does not give you all the answers about a company’s future. But it raises a number of interesting questions. In Nvidia’s case, the insider sales may stand in contrast to the hype the company continues to generate. Those on the inside are not spending their own money to buy shares. But they are quite happy for others to do so. There is something to take from that.
Share prices in this piece have been adjusted to account for Nvidia’s stock split.
