(Bloomberg) — Executives and investors tied to the AI supply chain were among the biggest insider sellers in the second quarter, taking advantage of a sharp — and volatile — rally in technology stocks.
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Eight of the top 10 sellers had ties to companies benefitting from artificial intelligence as chip stocks posted their best quarter ever, driven by insatiable demand for AI equipment. The Philadelphia Stock Exchange Semiconductor Index jumped 88% during the three months through June 30, reflecting big gains by such companies as Broadcom Inc., Astera Labs Inc. and Nvidia Corp.
An Nvidia board member and early investor in the company, Mark Stevens, made the list, unloading more than $407 million in the Silicon Valley chipmaker. Executives and directors from CoreWeave Inc. and Twilio Inc. were also among the top 10 sellers, as were activist investors, the CEO of a biotech company and the heir to one of Europe’s biggest fortunes.
Here are the top insider sellers, according to the Washington Service. The data include board directors who report such sales on behalf of their firms, but exclude sales by insiders conducted as part of a public offering. The companies listed didn’t respond to requests for comment unless otherwise noted.
1. Max Viessmann
Director, Carrier Global Corp.
Total shares sold: 12,094,823
Total value sold: $749,999,974
Viessmann, a member of one of Germany’s wealthiest families, sold almost $750 million of shares in air conditioning equipment maker Carrier, which has seen a jump in demand for AI data center cooling. He acquired a stake in Carrier after the HVAC manufacturer bought the heating equipment division of his family’s holding company. Viessmann carried out the block sale in May through JPMorgan Chase & Co. for “portfolio rebalancing,” according to a regulatory filing. He still has a nearly 5% stake in Carrier, making him the Palm Beach Gardens, Florida-based company’s largest individual shareholder.
2. Brian Venturo
Chief Strategy Officer, CoreWeave Inc.
Total shares sold: 7,239,309
Total value sold: $734,060,812
CoreWeave insiders continued cashing out in the second quarter with Venturo, one of the cloud computing company’s founders, leading the way. Since the company’s IPO last year, the chief strategy officer has sold more than $1 billion in CoreWeave shares under pre-arranged 10b5-1 plans, making him the largest insider seller by market value from January through June, according to Washington Service data. Most of Venturo’s $2.9 billion net worth comes from his CoreWeave stake, according to the Bloomberg Billionaires Index.
“The co-founders are making customary and prudent wealth-management decisions,” a CoreWeave representative said in an email. “Their long-term conviction in CoreWeave is unchanged. They continue to lead the company every day and retain substantial ownership.”
3. Michael Intrator
CEO, CoreWeave Inc.
Total shares sold: 4,198,727
Total value sold: $447,042,680
Intrator has been CoreWeave’s CEO since 2017, when it was founded as a crypto miner before pivoting to leasing computing power to AI developers. He sold just shy of $450 million of CoreWeave holdings in the quarter under a pre-arranged plan. The CEO is still one of its largest shareholders, with a 10% stake.
The Livingston, New Jersey-based company has at times benefited from investor appetite for what some call the “picks and shovels” of the artificial intelligence boom, but the stock price has also wobbled on AI spending fears and swelling debt. CoreWeave shares traded as high as $138 earlier this year; they’re now selling at just over $67.
4. Mark Stevens
Director, Nvidia Corp.
Total shares sold: 1,885,000
Total value sold: $407,102,538
A California venture capitalist with a stake in the Golden State Warriors, Stevens has been an Nvidia investor since 1993, when he first joined the chipmaker’s board. In recent years, his fortune has swelled to $10.7 billion, according to Bloomberg’s wealth index, as the AI infrastructure buildout has sent Nvidia stock soaring. The billionaire unloaded shares worth more than $400 million in the second quarter. Stevens, the managing partner of his family office, S-Cubed Capital, is still Nvidia’s second-largest individual shareholder after CEO Jensen Huang.
Shares of chipmakers including Nvidia have slid in recent weeks on Wall Street’s AI jitters. Nvidia’s stock has fallen more than 16% since its May 14 peak, but is still up 5.6% for the year.
5. Frank Slootman
Director, Snowflake Inc.
Total shares sold: 1,508,066
Total value sold: $353,773,495
Slootman is a Dutch businessman and author with a reputation for leading companies through their IPOs. He was named CEO of Snowflake in 2019 and took the AI data platform public the following year. Slootman retired in 2024, and has since significantly reduced his holdings in the company, primarily by exercising stock options under a pre-arranged plan. His net worth of $3.1 billion is rare for a non-founder in the tech industry. Slootman is wealthier than better-known tech CEOs like Apple Inc.’s Tim Cook and Microsoft Corp.’s Satya Nadella, according to Bloomberg’s wealth index.
A representative for Snowflake declined to comment.
6. Martine Rothblatt
CEO, United Therapeutics Corp.
Total shares sold: 589,000
Total value sold: $331,820,676
Rothblatt is the founder of United Therapeutics, a biotechnology company focused on treating pulmonary hypertension, a life-threatening disease that the CEO’s daughter was diagnosed with in 1994. It functions as a public benefit corporation, a for-profit entity that is required to balance financial returns with its stated public interest purpose. Rothblatt sold shares worth more than $300 million in the quarter, exercising stock options set to expire in 2027 through a pre-arranged plan. She remains United Therapeutics’ largest individual shareholder, with nearly 670,000 shares of common stock and a “substantial number” of vested options yet to be exercised, a company representative said.
United Therapeutics’ shares have climbed more than 75% in the last 12 months following successful medical trials.
7. Larry Robbins (on behalf of Glenview Capital Management)
Director, CVS Health Corp.
Total shares sold: 3,372,000
Total value sold: $317,471,136
CVS named Robbins to its board in 2024 through an agreement with Glenview Capital Management, the activist hedge fund that Robbins founded. Glenview wanted CVS to halt its acquisitions, stating that the company needed to bring down its debt. Since Robbins joined the board, CVS shares have nearly doubled on lower debt and successful earnings reports. Glenview reduced its stake through sales that totaled more than $300 million during the quarter. The company remains among Glenview’s three largest holdings, according to a statement.
“We are proud of the constructive engagement Glenview has had with CVS Health as it strives to become the most trusted name in healthcare,” John Rodin, the hedge fund’s chief executive officer, said in an emailed statement.
8. Andy Stafman (on behalf of Sachem Head Capital Management)
Director, Twilio Inc.
Total shares sold: 1,675,000
Total value sold: $314,779,500
Founded in 2008, Twilio is a communication software company that has repositioned itself as a seller of products that allow customer interactions with AI agents. The company two years ago appointed a partner at activist hedge fund Sachem Head Capital Management, Andy Stafman, to its board in a move to avert the threat of a boardroom challenge. The hedge fund sold 1.7 million Twilio shares during the quarter. Twilio shares are up 37% since the start of the year.
9. Henry Samueli
Director and co-founder, Broadcom Inc.
Total shares sold: 654,241
Total value sold: $250,005,852
While working as an electrical engineering professor at UCLA in 1991, Samueli co-founded semiconductor company Broadcom with one of his Ph.D. students. It’s now one of the world’s largest companies, supplying chips and infrastructure that have become increasingly important as hyperscalers race to build AI clusters. The Palo Alto, California-based company’s shares rose 22% in the second quarter despite a sharp post-earnings reversal. Samueli, who sits on Broadcom’s board and owns the National Hockey League’s Anaheim Ducks, sold more than $250 million in stock in a June sale as part of a pre-disclosed trading plan.
Samueli ended his tenure as chairman of Broadcom’s board in June. He has a net worth of $35.1 billion, according to Bloomberg’s wealth index.
10. Sanjay Gajendra
President and COO, Astera Labs Inc.
Total shares sold: 960,000
Total value sold: $241,444,006
Astera Labs, the $45 billion chip maker, joined the Nasdaq-100 Index last month following its rapid growth as a supplier for AI infrastructure. Gajendra, who co-founded the company in his garage in 2017, sold $241 million worth of Astera shares in May as the stock soared more than 340% in the quarter. The transactions were part of a pre-arranged trading plan adopted in December. Gajendra still holds more than 4% of the Santa Clara, California-based company’s shares, making him one of its largest shareholders.
A spokesperson for Astera declined to comment.
–With assistance from Dylan Sloan.
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