SharkWater Trading  •  Insider Desk • Semiconductors • Broadcom

Broadcom's Chairman Just Filed to Sell $276 Million More Stock. It's the Second Time in Three Months.

September 24, 2026

Bottom Line Up Front

Three entities tied to Broadcom (NASDAQ: AVGO) co-founder and Chairman Henry Samueli filed Form 144 notices on September 23, 2026 to sell a combined 774,664 shares worth $275.8 million, at an implied price near $356 a share. It is the second such combined notice in three months. D95GT LLC and H&S Investments I LP filed to sell 694,241 shares for $250.0 million on June 26, 2026, at $377.10 to $388.50 a share.

Broadcom stock fell 2.6 percent to $354.99 the same day, on a session where the Financial Times reported China is reviewing Broadcom's data-center networking hardware in state-backed facilities. A Form 144 is a notice of intent to sell, not proof the trade executed, and none of the filings disclose what fraction of Samueli's total stake this represents.

What Actually Got Filed

Three separate Form 144 filings hit SEC EDGAR on September 23, 2026, all naming the same broker, Northern Trust Securities, and all listing the same approximate sale date: that same day. H&S Investments I LP's filing states its relationship to Broadcom in plain language: "Chairman of the Board of Broadcom." The Samueli Foundation and D95GT LLC are each listed only as "Affiliate."

Filer	Shares	Aggregate Value	Implied Price
H&S Investments I LP	70,218	$25,000,058.61	$355.99
Samueli Foundation	72,474	$25,797,598.63	$355.97
D95GT, LLC	631,972	$225,004,972.58	$356.02
Combined	774,664	$275,802,629.82	n/a

Source: SEC EDGAR, Form 144 filings for Broadcom Inc. (CIK 0001730168), filed September 23, 2026. Implied price per share is calculated from the aggregate market value and share count each filing discloses, not a quoted execution price.

This Is Not the First Time

D95GT LLC and H&S Investments I LP filed a nearly identical pair of notices on June 26, 2026, proposing to sell a combined 694,241 shares for $250,005,851, at a price range of $377.10 to $388.50 a share. That filing's disclaimer language tied D95GT directly to Samueli, stating he was "disclaiming beneficial ownership except to the extent of his pecuniary interest." Today's D95GT filing does not repeat that language. Its relationship is stated only as "Affiliate," so the link to Samueli here rests on the June precedent, the identical broker, and the same-day, same-family filing pattern, not on today's document standing alone.

A Form 144 is a flare fired before the boat leaves the dock. It tells you someone is planning to cast off and roughly how much cargo is going with them. It doesn't tell you if the trip actually happens, or how much line is still tied up back at the pier.

The Backdrop: A China Headline and a Rough Tape

Broadcom closed at $354.99 on September 23, 2026, down 2.62 percent from a prior close of $364.54, on volume of 22,438,949 shares (Yahoo Finance). The same day, the Financial Times reported, per aggregated coverage from Investing.com and SDxCentral, that Chinese authorities are reviewing Broadcom's data-center networking switches used in state-backed facilities. Separately, MarketBeat's same-day note pointed to a broader semiconductor-sector risk-off tone, alongside rising oil prices and Treasury yields. The CBOE Volatility Index closed at 15.18 that day, up 6.83 percent, consistent with a market-wide pullback rather than an AVGO-specific event.

None of these threads are confirmed to be causally connected. The Form 144 filings, the China-review report, and the broader risk-off session all landed on the same calendar day. That is a fact about timing, not a proven relationship.

The Bull Case

• This is diversification, not a vote of no confidence. Founder-and-chairman stock sales through personal LLCs and family foundations are a routine estate and philanthropic-planning pattern at companies with long-tenured founders, and Samueli has sold in comparable size before without it marking a top.
• The price basis argues against panic selling. Today's implied price, around $356, is roughly 3 percent below June's $377 to $388.50 range. That is a modest step down over three months, not a scramble for the exits into a falling stock.
• The China review is a report, not a ruling. No confirmed Chinese regulatory action, ban, or procurement change has been announced. A review can end in nothing.

The Bear Case

• A quarter-billion dollars, twice in a quarter, is not a rounding error. Whatever the motive, $275.8 million in fresh sale notices from the Chairman's own vehicles, on top of $250.0 million in June, is a meaningful and repeating supply of stock hitting the market from the most informed insider at the company.
• The timing invites scrutiny even if it's coincidental. Filing a large insider sale notice on the same day a China-hardware-review story breaks and the broader tape sells off is the kind of coincidence that erodes a stock's benefit of the doubt, whether or not the filer even saw the story first.
• Nobody discloses what's left. None of the three filings state what percentage of Samueli's total Broadcom holdings this represents, so there's no way to judge from the filings alone whether this is a trim or the start of a bigger unwind.

The SharkWater Take

I don't read this as a bearish signal on its own. Samueli has run this exact playbook before, in roughly the same size, three months ago, and Broadcom's business didn't fall apart in between. What I do think is worth tracking is the cadence. Two combined nine-figure sale notices in a single quarter, from the company's own Chairman, is a pattern now, not an isolated data point, and patterns are worth watching even when each individual filing has an innocent explanation. The China hardware-review report is the more interesting thread of the two stories today, because unlike the insider sale it actually has the potential to move Broadcom's revenue, and it deserves its own follow-up once there's an actual regulatory outcome to react to rather than a report of a review.

Tight lines. — SharkWater

Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. Options involve substantial risk of loss. The author may hold positions in securities discussed. Do your own work.