NVIDIA's cumulative abnormal return from day zero was 0.3% against the market. Jensen Huang's Form 4 shows a gift of stock to a foundation and to a donor-advised fund, plus shares withheld for taxes. The paperwork is dramatic; the price move is not.
He gave shares away, he did not cash out
Jensen Huang is NVIDIA's president and CEO, and he also sits on its board. In mid-September 2026 he filed a Form 4 A short filing that company insiders send to the SEC soon after their own holdings in the company change. It says what moved and how., the short form an insider must send the SEC after their holdings change. Two things show up in it. Shares were held back by the company to pay the tax bill when restricted stock units Shares promised to an employee that only become theirs after time passes. When they vest, tax is due, so the company often keeps some shares back to pay it. vested, which is routine housekeeping. And a block of stock moved out of a family trust for no money at all.
Glossary
- Form 4
- A short filing that company insiders send to the SEC soon after their own holdings in the company change. It says what moved and how.
- restricted stock units
- Shares promised to an employee that only become theirs after time passes. When they vest, tax is due, so the company often keeps some shares back to pay it.
- donor-advised fund
- A charity account someone puts money or shares into, then recommends over time which charities receive grants from it.
The filing describes the transfer as 「Gifts without consideration by the Jen-Hsun & Lori Huang Living Trust」, with the shares going to a charitable foundation and to a donor-advised fund A charity account someone puts money or shares into, then recommends over time which charities receive grants from it.. That matters for how you read the headline. A gift is not a sale into the market, and nobody paid cash for those shares.
One gap to flag: the Form 4 transaction data behind this note is missing, so the planned tally of insider trades, including any month-by-month record of buying and selling, is not available here. That cuts both ways, since other dealings in the same period stay outside our view too. What follows leans on the price evidence instead.
Quick quiz
In this filing, what happened to the shares that left the trust?
Why：The filing lists the transfer as a gift without consideration, so no cash changed hands and no shares were sold to other investors.
Show answer
They were given away for no money The filing lists the transfer as a gift without consideration, so no cash changed hands and no shares were sold to other investors.
The stock barely noticed
Now the part a headline misses. NVIDIA's abnormal return A stock's return minus the market's return over the same days. It is a way of asking whether a single stock did anything special. from the filing day was 0.3%. "Abnormal" just means the slice of the move left over after you take out what the whole market did in the same window. So in the days around the news, NVIDIA walked almost exactly in step with the market.
Glossary
- abnormal return
- A stock's return minus the market's return over the same days. It is a way of asking whether a single stock did anything special.
Data table
| name | car_post | series_role |
|---|---|---|
| NVIDIA | 0.3% | target |
The study covers 1 ticker, NVIDIA itself. There is no basket of rivals to compare against here, and the price data behind it runs through early October 2026.
Guess how much NVIDIA moved against the market after the filing day.
Actual0.3%
It was 0.3%. For a filing involving the CEO of one of the largest companies on the market, that is close to a rounding error, and many readers find that number surprising, because big insider headlines usually arrive with big price moves attached.
Show answer
0.3% It was 0.3%. For a filing involving the CEO of one of the largest companies on the market, that is close to a rounding error, and many readers find that number surprising, because big insider headlines usually arrive with big price moves attached.
Day by day, the gap stays at zero
Put the window on a chart and the flat result holds. Before day zero the cumulative abnormal return is 0.0%. The window carries 6 trading days from the event onwards, counting the filing day itself, and the two return lines lie on top of each other the whole way.
Data table
| day | series | value | series_role |
|---|---|---|---|
| -5 | Jensen Huang | -3.4% | target |
| -4 | Jensen Huang | -2.8% | target |
| -3 | Jensen Huang | -2.0% | target |
| -2 | Jensen Huang | 0.5% | target |
| -1 | Jensen Huang | 1.8% | target |
| 0 | Jensen Huang | 4.2% | target |
| 1 | Jensen Huang | 4.8% | target |
| 2 | Jensen Huang | 3.3% | target |
| 3 | Jensen Huang | 2.9% | target |
| 4 | Jensen Huang | 3.1% | target |
| 5 | Jensen Huang | 4.8% | target |
| -5 | Peer basket | -3.4% | peer |
| -4 | Peer basket | -2.8% | peer |
| -3 | Peer basket | -2.0% | peer |
| -2 | Peer basket | 0.5% | peer |
| -1 | Peer basket | 1.8% | peer |
| 0 | Peer basket | 4.2% | peer |
| 1 | Peer basket | 4.8% | peer |
| 2 | Peer basket | 3.3% | peer |
| 3 | Peer basket | 2.9% | peer |
| 4 | Peer basket | 3.1% | peer |
| 5 | Peer basket | 4.8% | peer |
| -5 | Cumulative abnormal return | 0.0% | neutral |
| -4 | Cumulative abnormal return | 0.0% | neutral |
| -3 | Cumulative abnormal return | 0.0% | neutral |
| -2 | Cumulative abnormal return | 0.0% | neutral |
| -1 | Cumulative abnormal return | 0.0% | neutral |
| 0 | Cumulative abnormal return | 0.0% | neutral |
| 1 | Cumulative abnormal return | 0.0% | neutral |
| 2 | Cumulative abnormal return | 0.0% | neutral |
| 3 | Cumulative abnormal return | 0.0% | neutral |
| 4 | Cumulative abnormal return | 0.0% | neutral |
| 5 | Cumulative abnormal return | 0.0% | neutral |
My reading of why: the comparison basket here holds 1 peer, and that peer is NVIDIA itself. Compare a stock with itself and the difference has to be zero, so this chart is best read as the shape of the move, not as proof that the filing was ignored. The honest summary is that the share price went up and down in the same window as the news, and nothing in these numbers links the two.
Risks
- Disclosed positions are already weeks old by the time the filing reaches you.
- Form 4 filings leave out shorts, options detail and holdings outside the United States.
- Following a filing is not the same as holding the position when the insider did.
Sources
- FinMind USStockPrice SPY — data as of 2026-09-29; fetched 2026-10-25 16:57 UTC; License note: FinMind open data; original source TWSE/TPEx or US exchanges
- FinMind USStockPrice NVDA — data as of 2026-09-29, 2026-10-02; fetched 2026-10-25 16:57 UTC, 2026-10-25 17:36 UTC; License note: FinMind open data; original source TWSE/TPEx or US exchanges