Is the AI cash-out wave beginning?
The artificial intelligence boom is not only reshaping market dynamics but also creating massive wealth for corporate insiders, who are converting these paper gains into real cash.
On October 12, according to data from Washington Service, which tracks such transactions, insiders at AI computing company CoreWeave, Inc. have rapidly sold over $1 billion worth of stock since the company's IPO lockup period ended in mid-August.
This marks the first opportunity for insiders to cash out on a large scale since the company went public in March this year, with shares soaring over 250%.
This trend is not limited to CoreWeave, Inc. Among the top ten insider sellers in the third quarter, seven came from companies benefiting from artificial intelligence.
CoreWeave Executives Lead the Cash-Out Wave
As a highly watched "rising star" in the AI sector, CoreWeave, Inc. has delivered stunning stock performance since its March IPO, generating substantial returns for early investors and the executive team. High-volume selling followed immediately after the lockup period ended.
According to Washington Service data, company director Jack Cogen sold $477 million worth of stock in the third quarter, becoming the company's largest internal seller. Close behind was company co-founder Brannin McBee, who obtained $426 million through stock sales.
Both sales were executed according to pre-established "10b5-1" trading plans tied to the stock reaching specific price targets.
Beyond executives, CoreWeave, Inc.'s largest institutional shareholder, Magnetar Financial LLC, also sold nearly $1.9 billion in shares during the same period.
However, an October filing shows that the Illinois-based hedge fund still holds over 20% of the company's Class A shares after the reduction. Both CoreWeave, Inc. and Magnetar declined to comment on the transactions.
AI Boom Spawns Major Stock Sellers, Jensen Huang Cashes Out Over $743 Million
CoreWeave, Inc.'s insider selling represents just a snapshot of wealth realization across the AI industry. AI-related companies appear throughout the third quarter's insider seller rankings, confirming this technological revolution's massive impact on personal wealth.
Network equipment company Arista Networks' stock hit record highs after its September analyst day. CEO Jayshree Ullal sold over 6 million shares in the third quarter under her "10b5-1" plan, totaling $861 million and ranking second on the list.
As the absolute leader in AI chips, Nvidia CEO Jensen Huang continued executing his planned sales, cashing out over $743 million in the third quarter. According to Washington Service data, Nvidia insiders' total selling in the first three quarters of 2025 approached $1.5 billion.
Jeff Bezos Tops List with $4.917 Billion Cash-Out
Despite frequent selling by AI sector executives, the third quarter's largest insider seller remains Amazon founder Jeff Bezos.
He completed the sale of 21.675 million shares in the third quarter, cashing out $4.917 billion—exceeding the combined total of the other nine sellers on the list.
This sale was part of his plan to sell 25 million shares between June and July, worth nearly $5.7 billion. According to Bloomberg-compiled data, Bezos frequently uses stock sale proceeds to fund other projects, including his space company Blue Origin.
Other Notable Names on the List
Besides those mentioned above, the third quarter's top ten seller list included several other billionaires from technology and finance sectors:
Frank Slootman: Chairman of cloud data company Snowflake, sold $463 million worth of stock.
Tony Ressler: Co-founder of investment company Ares Management Corp., sold $357 million worth of stock.
Herald Chen: Director and former CFO of mobile advertising technology company AppLovin Corp., sold nearly $313 million worth of stock.
Baiju Bhatt: Co-founder of trading platform Robinhood Markets Inc., sold nearly $300 million worth of stock.
Brian Armstrong: CEO of cryptocurrency exchange Coinbase Global Inc., sold $268 million worth of stock. He previously stated on social media that sale proceeds would fund scientific research and a biotechnology startup he co-founded.