SharkWater Trading  •  Insider Desk • Broadcom • Form 4

Samueli's $250 Million Broadcom Sale Cleared. The Stock Didn't Blink.

September 26, 2026

Bottom Line Up Front

Broadcom (NASDAQ: AVGO) director Henry Samueli sold 702,190 shares on September 23, 2026 at an average price of $356.04, for proceeds of $250,006,184, confirmed by a Form 4 filed September 25. He also gave away a further 72,474 shares with no consideration attached. He still holds 52,680,018 shares directly, so the disposal is roughly 1.5 percent of his stake.

AVGO closed September 25 at $352.81, up 0.70 percent from Thursday's $350.36. A quarter-billion-dollar insider sale moved the stock less than a rounding error. The more relevant overhang right now isn't this filing at all, it's an unresolved, reportedly ongoing Chinese state review of how dependent its data centers are on Broadcom's switching chips.

The Sale, Confirmed

This desk flagged the setup two days before it resolved. On September 23, 2026, two related filers put the market on notice: D95GT, LLC, managed by Lapland Longspur LLC, filed a Form 144 for 631,972 shares valued at $225,004,972.58, and the Samueli Foundation filed one for $25,797,598.63. A Form 144 is a notice of intent to sell, not proof a sale happened. As of Wednesday's coverage, no Form 4 had posted confirming any of it traded.

That changed Friday. Henry Samueli's own Form 4, filed September 25 at 4:15pm ET, shows the transaction dated September 23: 702,190 shares sold at $356.04 average, $250,006,184 total, plus 72,474 shares disposed by gift. The gift carries no cash consideration, the kind of transfer that shows up in estate and foundation planning rather than in a liquidity scramble.

One honest caveat: the Form 144 totals from the two entities above (roughly $250.8 million combined) don't reconcile cleanly, share for share, against the Form 4's sold-plus-gifted total. Multiple Samueli-affiliated vehicles appear to be involved. I'm not going to force a clean story out of numbers that don't quite line up. What's confirmed is the Form 4 itself: the shares moved, priced, and are on the books.

Filer	Type	Shares	Value / Price
D95GT, LLC (Lapland Longspur LLC)	Form 144, filed 9/23	631,972	$225,004,972.58
Samueli Foundation	Form 144, filed 9/23	N/A	$25,797,598.63
Henry Samueli (director)	Form 4, sale, filed 9/25	702,190	avg $356.04 ($250,006,184)
Henry Samueli (director)	Form 4, gift, filed 9/25	72,474	no consideration

Source: SEC EDGAR, Form 144 and Form 4 filings, September 23 and 25, 2026. Form 144/Form 4 totals across the listed entities do not fully reconcile against each other; treat as related but not confirmed identical transactions.

A sale this size usually throws a wake big enough to rock anything nearby. This one barely rippled the surface, which tells you either the water underneath is calmer than the headline number suggests, or the market's watching a different current entirely.

What The Market Is Actually Pricing

Broadcom's stock has a bigger, unresolved question sitting on it, and this filing isn't it. The Financial Times has reported, and multiple secondary outlets have since repeated, that Chinese authorities are reviewing how dependent state-owned data centers are on Broadcom networking-switch hardware, with one figure cited at up to 90 percent of surveyed state-owned deployments. As of this writing, that review is still at the review stage. No primary Chinese-government document has surfaced, and no confirmed policy action, a ban, a directive, anything binding, has been found.

That's the asymmetry. Samueli's sale was signaled in advance, sized small against his remaining stake, and absorbed without a ripple. The SASAC review has had no such advance notice, no size anyone can put a number on yet, and the kind of binary outcome that moves a stock on a single headline whenever it does resolve.

The Bull Case

• No surprise, no new information. The Form 144 notices were public Sept 23. By the time the Form 4 posted, the market had two full sessions to price it in, and did essentially nothing.
• It's a small slice of a large stake. Against 52.68 million shares still held directly, 1.5 percent moving reads as routine diversification, not an exit.
• The gift component points to planning, not distress. 72,474 shares moved for no consideration is estate and foundation mechanics, not a signal about the business.

The Bear Case

• A quarter-billion dollars is still a quarter-billion dollars. Co-founder selling at this scale is worth logging even when it's routine.
• The actual risk sits somewhere else entirely. The SASAC review of China switching-chip dependency remains open, unresolved, and un-primary-sourced. It's the one variable here that can move the stock hard, and this filing says nothing about it.
• The paper trail doesn't fully add up. When related-filer totals don't reconcile cleanly, that's worth flagging on principle, even if it turns out to be nothing more than filing mechanics across entities.

The SharkWater Take

I'm not reading a signal into this sale. A founder-director moving 1.5 percent of his stake, telegraphed two full sessions ahead of execution, is closer to bookkeeping than to conviction changing. If Samueli were trying to get out ahead of bad news, the market's total non-reaction argues he isn't, or that he isn't the one who knows something the rest of us don't. What I'm actually watching is the SASAC review. That's the variable with the power to move this stock on a single headline, it has no timeline anyone's confirmed, and this filing tells us nothing about it either way. Treat AVGO as fairly priced on the insider story and unpriced on the China story, and watch the second one, not the first.

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.