The arithmetic at Nvidia is becoming harder to reconcile. Over the past three months, company insiders have sold roughly $767.2 million worth of stock across 13 transactions — every single one a sale, with not a single purchase order filed with the SEC. That wave of selling has unfolded precisely as the chipmaker announces partnerships worth hundreds of billions of dollars, creating a disconnect that investors are struggling to parse.
Is this the construction of genuine next-generation infrastructure, or are capital flows increasingly chasing their own tail?
The Deal-Making Machine
The scale of Nvidia’s recent commitments is staggering. On July 25, SK Group and Nvidia unveiled a comprehensive partnership valued at more than $500 billion, with memoranda of understanding signed a day earlier. Under the arrangement, SK Telecom will build a two-gigawatt Nvidia Vera Rubin DSX AI factory, while SK hynix supplies next-generation memory including HBM4. The first of these facilities is slated to begin operations in 2027.
Just two days later came another headline: Nvidia is investing $5 billion in Safe Superintelligence Inc., Ilya Sutskever’s AI startup, alongside a long-term partnership. The deal grants SSI access to the Vera Rubin platform, enabling the company to scale its computing capacity by an order of magnitude.
The product pipeline continues to accelerate as well. Early August saw the release of Alpamayo 2 Super, an open AI model for autonomous vehicles and robotaxis, alongside expansions to the company’s Agent Toolkit for engineering applications with the PhysicsNeMo and CUDA-X libraries.
A Familiar Pattern of Insider Selling
The insider transactions — which media reports indicate included roughly $410 million during periods when the stock traded at elevated levels — come at a moment when Nvidia shares are hovering near record territory. That context matters. Executives selling at highs is hardly unusual for a stock that has appreciated as dramatically as Nvidia’s. But the timing, sandwiched between announcements of increasingly complex financing structures involving partner capital, raises legitimate questions about how leadership views the current valuation.
The market, for its part, appears unfazed. On Friday, shares closed at €193.68, up 2.03 percent, with a seven-day gain of 11.23 percent. The stock now sits just over four percent below its 52-week high of €202.50, reached in mid-May. That recovery is all the more notable given that the stock had come under pressure roughly a week earlier following reports about OpenAI’s financing structure — a dip that investors quickly bought.
Should investors sell immediately? Or is it worth buying Nvidia?
The Skeptics Weigh In
The tension between market enthusiasm and insider caution has not gone unnoticed by prominent investors. Michael Burry issued a public warning in early August, pointing to a potential demand risk of $250 billion. Bernstein’s Stacy Rasgon acknowledged on August 4 that his firm shares concerns about circular financing structures — while maintaining a buy rating with a $315 price target. Zacks Research upgraded the stock to Strong Buy on July 20. Wall Street consensus remains firmly bullish: 36 buy recommendations and an average twelve-month price target of $304.26, according to media reports.
The Vera Rubin Ramp
Operationally, the next chip generation is moving from announcement to deployment. The Vera Rubin NVL72 platform is already in production ramp, with initial racks running at CoreWeave, Google Cloud, Microsoft Azure, and Oracle Cloud Infrastructure. That hyperscaler penetration underscores how deeply Nvidia has embedded itself in the infrastructure layer of the largest cloud providers — and why demand for AI compute remains the central growth narrative.
The company is also extending its reach domestically. Nvidia is participating in the National Science Foundation’s “State and Regional Artificial Intelligence Infrastructure Hubs” program, which aims to expand access to computing power, data, and software across the United States. The company says it is investing alongside partners in American manufacturing, supply chains, energy grids, and workforce development to support healthcare and research infrastructure.
The August 26 Reckoning
All of these threads converge on a single date: August 26, when Nvidia reports fiscal second-quarter 2027 results at 2 p.m. Pacific Time. The company has guided for revenue of approximately $91.0 billion for the quarter ending July 26.
The bar is high. The previous quarter, reported in May, saw revenue surge 85 percent to $81.6 billion, with the data center business up 92 percent to $75.2 billion. That report also brought an additional $80 billion share buyback program and a dividend increase from $0.01 to $0.25 per share — capital-return signals designed to underscore financial strength even as insiders cash out.
Whether the SK Group and SSI partnerships have already left traces in the order book, or whether they primarily reflect a self-reinforcing investment cycle, will become clearer on that day. Until then, Nvidia stock remains what it has been throughout this AI cycle: a mirror reflecting how much substance lies behind the largest industrial arms race of our time.
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