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The people who know Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta Platforms, and Tesla best are telling a worrisome story. For much of the past decade, Wall Street’s “Magnificent Seven” have underpinned the broader market rally, helped by major technology trends such as artificial intelligence (AI). But the companies that have driven the market to new highs are also generating concern through insider trading activity, including an aggregate $8.4 billion warning.
In descending market-cap order, the Magnificent Seven listed in the article are: Nvidia (+1.44%), Apple (+0.75%), Alphabet (+0.68%) (GOOGL/GOOG), Microsoft (+3.00%), Amazon (+1.00%), Meta Platforms (+2.14%), and Tesla (+1.92%). The article describes these firms as industry leaders with competitive advantages and cash-rich balance sheets, and says all seven are positioned at the forefront of the AI revolution.
The article focuses on trading activity by “insiders,” defined as high-ranking executives, board members, or beneficial owners holding at least 10% of outstanding shares who may have non-public information. It notes that insiders must report buying and selling activity—including the exercise of stock options—within two business days of a transaction via Form 4 filed with the Securities and Exchange Commission.
According to aggregated Form 4 filings cited by the article, Magnificent Seven insiders have been net sellers over the trailing year, with one notable exception:
The article states that an aggregate total of $8,414,225,611 has been net-sold across all seven companies over the trailing year.
The article includes a caveat: not all selling is inherently bad. It says executives and board members are often compensated in stock and/or options, and may sell or exercise options to cover federal and/or state tax liabilities. Tax-related selling, the article argues, is not typically a reason for concern.
While the article frames selling as potentially explainable, it highlights that the “only one reason to buy” is the expectation that shares will rise. It says that, aside from Elon Musk’s billion-dollar buy, insider purchases have been rare.
Over the trailing year, the article says not one insider spent money buying shares of Nvidia, Apple, Amazon, or Meta Platforms. It also reports that insider buying at Microsoft and Alphabet was relatively limited:
In the article’s view, insiders selling a large amount of stock while not buying shares—particularly in a historically expensive stock market—could be a red flag that investors should not ignore, even if some selling may be tied to taxes.
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