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Wall Street’s long-running bull market has been driven largely by its biggest and most influential companies—members of the $2 trillion-and-up group including Nvidia, Apple, Alphabet, Microsoft, and Amazon. Over the past 17 years, the S&P 500 has surged 873% from its March 9, 2009 financial-crisis low through April 2, 2026, while these companies have vastly outpaced the index, with Nvidia up more than 85,000% and the others higher by roughly 8,500% (Apple), 4,000% (Alphabet), 2,400% (Microsoft), and 6,800% (Amazon).
The article attributes much of the group’s performance to “sustainable moats” and the ongoing AI-driven shift in markets:
It also notes that several of these firms are benefiting from generative AI and large language model capabilities, particularly in cloud-related businesses tied to Alphabet, Microsoft, and Amazon.
The article argues that insider activity at these companies may be sending a cautionary message. It explains that insiders—executives, board members, or beneficial owners with at least 10% of outstanding shares—must file Form 4 with the SEC within two business days of buying or selling shares, including transactions related to option exercises.
Across the trailing two-year period ending April 2, 2026, the article reports net selling by insiders as follows:
Combined, the article states that insiders sold nearly $16.1 billion more in stock than they purchased over the two-year period.
The article adds that some selling may be routine: many executives and board members receive compensation in stock and/or options and may sell shares to cover federal and/or state tax obligations. It notes that tax-based selling is not necessarily negative for investors.
However, it highlights that there is only one reason insiders are expected to buy shares: the belief the stock will rise. It reports that insider buying was limited over the same two-year period:
According to the article, three of the five companies saw no insider buys over two years, while the remaining two totaled about $8.4 million combined.
The article also links the insider activity to broader valuation concerns. It states that the stock market entered 2026 at the second-highest valuation over 155 years, citing the Shiller Price-to-Earnings Ratio. It further notes that the two prior instances when Shiller P/E exceeded 40—the dot-com bubble and the first week of January 2022—were followed by declines of 49% and 25%, respectively, in the benchmark S&P 500.
It adds that Apple is described as historically pricey based on trailing 12-month earnings per share, while Nvidia’s price-to-sales ratio remains above its historical norm. The article concludes that the pattern of insider trading aligns with the view that insiders do not see the stocks as bargains.

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