SharkWater Trading  •  Semiconductor Desk • Insider Filing Nvidia Director Tench Coxe Gifts Another 500,000 Shares. It Is Not a Sale, and the Share Count Does Not Add Up October 12, 2026 Bottom Line Up Front Nvidia (Nasdaq: NVDA) director Tench Coxe filed a Form 4 on October 9, 2026 reporting a 500,000 share gift on October 7, code G, price $0, under a Rule 10b5-1 plan he adopted on March 19, 2026. The trust that made the gift held 23,671,360 shares afterward. This is a gift, not a market sale, so it is not selling pressure. The oddity is arithmetic: the trust balance fell 1,000,000 shares between the August 5 and October 7 filings, but I found only one 500,000 share gift in that span. The other 500,000 is NOT VERIFIED. The Filing Transaction date Code Shares Trust shares after Filed Jul 1, 2026 G (gift) 500,000 25,171,360 Jul 6, 2026 Aug 5, 2026 G (gift) 500,000 24,671,360 Aug 7, 2026 Oct 7, 2026 G (gift) 500,000 23,671,360 Oct 9, 2026 Source: SEC EDGAR Form 4 filings by Tench Coxe, issuer NVIDIA Corp: accessions 0001197647-26-000005, -000007 and -000011. All three cite a 10b5-1 plan adopted March 19, 2026. Coxe is a director only. The trust shares are held indirectly; he disclaims beneficial ownership beyond his pecuniary interest. A code G is a gift without consideration. Nothing is sold and nothing hits the tape. The same filings show Coxe also holds 57,378 shares directly and 4,852,480 shares through a profit sharing plan trust, both unchanged. His June 25, 2026 Form 4 showed a routine 1,211 share board RSU grant, a different animal. The Gap The trust held 25,671,360 shares per the June 29 filing. After the July 1 gift it held 25,171,360. After August 5 it held 24,671,360. The October 7 filing shows 23,671,360. That is a million shares down from August 5, and the filings list only 500,000. Coxe's own EDGAR feed shows no Form 4 between August 7 and October 9. Possible explanations include a September gift filed late or under another filer, or a correction I did not reach. I did not resolve it and I will not guess. It matters because insider forms are only as good as the chain of balances. Reading a Form 4 chain is like tracking a tide gauge. One odd reading is a bad sensor. Two in a row is the harbor changing. The Bull Case A gift moves no shares to market. Code G means no sale at any price. Supply to the open market is unchanged. The plan is pre-set. Adopted March 19, 2026 and cited on every gift, so timing is not a reaction to the stock. Holdings stay enormous. 23,671,360 trust shares plus 4,852,480 in the profit sharing trust, per the filings. The Bear Case Donees can sell. A gifted share can be sold by the recipient. The filing does not say who received these shares. The balance chain has a hole. A 500,000 share difference with no matching filing is a data-quality flag. The cadence is steady. Three gifts of identical size across four months reads like a program that continues. The SharkWater Take I am not building a trade on this and neither should you. A gift is not a sale, and the plan says this is mechanical. I care about the missing 500,000 shares. If it turns out to be a late or missing Form 4, that is worth a second post. If it is explained by a different filer, it goes in the noise bin. I have no verified NVDA price series for this week, so I will not value the gift or say what the market did with it. Tight lines, SharkWater Educational and informational purposes only. Not personalized investment advice. All figures sourced as noted and accurate as of publication. The author may hold positions in securities discussed. Do your own work.