Good morning and happy Sunday!

Markets pushed higher again this week as softer inflation data rekindled hopes for a dovish Fed. The S&P 500 notched its fourth straight weekly gain, Treasury yields pulled back, and investors tiptoed back toward mega-cap tech stocks. But beneath the bullish surface, some insiders are hitting the brakes.

This week, we saw one of the year’s largest insider sales as Tony W. Lee completely dumped his $1.6 billion stake in Primo Brands. Meanwhile, a GOP lawmaker dipped his toes into Amazon, and a global asset manager quietly boosted its position in Google — just as AI regulation heats up.

Here’s how it all went down.

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📦 Congressman Kean Jr. Takes a Swing at Amazon

On May 15, 2025, Representative Thomas H. Kean Jr. (R-NJ) disclosed a purchase of Amazon, Inc. $AMZN ( ▲ 0.62% ) valued between $1,001 and $15,000.

Big Tech has been on a shaky path lately. While Amazon remains a dominant force in e-commerce and cloud computing, growth has been uneven, and investor patience is wearing thin.

Is Kean nodding to Amazon’s staying power? Making a quiet bet on consumer strength rebounding? Whatever the case, it’s not a loud move, but it seems to be a confident one.

💸 Tony W. Lee Exits Primo Brands in $1.6B Fire Sale

On May 13, 2025, board member Tony W. Lee disclosed the complete sale of his position in Primo Brands Corp. $PRMB — offloading 50,657,562 shares at $31.67 each, totaling a massive $1.6 billion. The trade occurred on May 12 and marks one of the largest insider exits of the year.

Primo Brands, known for its expanding portfolio of premium beverages, has been on an upward trend, riding consumer trends and retail distribution wins. But with valuations running hot across the consumer discretionary space, Lee may be sensing a ceiling. As the broader market flirts with overextension, this kind of wholesale liquidation feels less like portfolio housekeeping and more like a well-timed exit.

Whether it’s caution, timing, or something deeper, this door slam is ringing out — and speaks volumes about how insiders are reading the months ahead.

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🧠 J. Stern & Co. Quietly Boosts Its Google Stake

On May 14, 2025, investment firm J. Stern & Co. LLP disclosed it increased its position in Alphabet Inc. $GOOGL ( ▼ 0.57% )  to 393,476 shares as of March 31, at an average price of $156.23.

Alphabet has had a bumpy ride in 2025. Legal challenges, regulatory headwinds, and rising competition in AI have all kept the spotlight hot. But J. Stern seems unfazed. The global fund is leaning into the long-term potential of Alphabet’s AI engine (Gemini), its cloud infrastructure, and its notable data moat.

In a year when many funds are trimming tech, J. Stern is planting a flag. Whether it’s contrarian courage or inside conviction, this add is worth watching.