Good morning and happy Sunday!

Markets are hot—scorching, even. The S&P 500 is on the cusp of fresh highs, Nvidia just touched a mind-bending $4 trillion valuation, and the CNN Fear & Greed Index is flashing “extreme greed.” But amid all the euphoria, a few well-placed insiders just made some interesting exits.

This week, we saw Jeff Bezos offload nearly half a billion dollars worth of Amazon stock, a North Carolina Congressman pare back his Apple exposure, and a key stakeholder quietly trim their stake in Appian. With megacaps flying high and sentiment off the charts, these moves might signal more than just routine portfolio management.

Here’s how it all went down.

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🍎 Congressman Tim Moore Sells into Apple’s Rally

On June 1, 2025, Representative Tim Moore (R-NC) sold Apple Inc. $AAPL ( ▼ 0.51% )  at a price of $201.70 per share. The transaction wasn’t disclosed until July 10—37 days later.

While the size of the trade isn’t massive, the timing is telling. Apple has been a key driver in the S&P 500’s summer surge, riding the AI wave and investor appetite for anything megacap. Moore’s decision to trim his position into strength suggests a bit of contrarian prudence—a politician taking profits while retail sentiment is euphoric.

It’s also notable that this sale came just as markets shifted into “extreme greed” mode. Whether Moore is simply rebalancing or signaling concern about tech’s sky-high valuations, it’s a reminder that not everyone’s leaning in at these levels.

🚀 Jeff Bezos Offloads $458 Million in Amazon Shares

On July 7, 2025, Jeff Bezos, Executive Chair of Amazon.com Inc. $AMZN ( ▲ 0.02% ), sold a staggering 2,046,582 shares at an average price of $223.92, totaling approximately $458.3 million. The sale was disclosed via SEC Form 4 on July 8.

Bezos still holds over 900 million shares, but this is his largest stock sale of the year—and it comes at a fascinating moment. Amazon’s stock has been riding high alongside the broader market, but with earnings season approaching and macro risks lingering, Bezos might be hedging against a near-term top.

Insider sales by founders often draw scrutiny, but they don’t always signal trouble. That said, when one of the most plugged-in tech visionaries starts unloading just as everyone else is buying with both hands, it’s worth watching.

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📉 Abdiel Capital Trims Its Stake in Appian

On July 8, 2025, Abdiel Capital Advisors, LP—a 10% owner of Appian Corp. $APPN ( ▼ 0.34% )—sold 75,598 shares at an average price of $31.27, totaling about $2.36 million. Following the trade, they still hold over 7.2 million shares.

Appian hasn’t been part of the AI-fueled megacap mania. Instead, it’s quietly battled slowing enterprise software spending and growing competition. Abdiel has been a long-time backer, but this latest sale, while modest in size, is part of a broader trend: insiders lightening the load after years of conviction.

With the market near all-time highs and smaller tech names still fighting for relevance, Abdiel’s move could simply reflect a rotation into more liquid, higher-momentum investments. It could also signal concern about Appian’s ability to ride the next growth wave.