Insiders are Dumping Shares: From Congress to Big Tech

The trend of share dumping that we saw this week with Amazon (AMZN) CEO Jeff Bezos and META CEO Mark Zuckerberg continues in Congress - with a massive sale volume filed by Senator Tuberville.

We’ve also continued to see many interesting developments within the alternative data we scrape and publish. Here’s a snapshot of what we saw in some of our datasets last week:

LAST WEEK’S CONGRESSIONAL TRADES 

Insights from our Congress Trading Dashboard

• Senator Tommy Tuberville filed 58 sales across multiple sectors, including Adobe (ADBE), Eli Lilly (LLY), and Monster (MNST). His only purchases were of Apple (AAPL) and Proctor and Gamble (PG). Tuberville is known for being one of the most successful congressional investors and across 4 different committees, serves on 9 subcommittees.

• Representative Kevin Hern filed purchases of JP Morgan (JPM) and Costco (COST) and sales of Exact Sciences (EXAS) and Vuzix Corporation (VUZI). Since his sales, EXAS and VUZI have dropped over 25%. Hern has a trade volume of $109.01M since he entered Congress in 2018.

• Senator Shelley Moore Capito filed sales of Eversource Energy (ES) and Enbridge (ENB). Capito serves on the Committee on Commerce, Science, and Transportation.

• Representative Scott Peters filed a large purchase of private fund Lynett Capital Partners. Peters sits on the Committee on Budget.

• Representative Josh Gottenheimer filed 22 security purchases, including Taiwan Semiconductors (TSM) and multiple energy sector companies. He also filed 12 security sales, including Tesla (TSLA) and SPX Technologies (SPXC). Gottenheimer sits on the Committee on Financial Services and had the highest trade volume in Congress in the last year.

• Representative Jonathan Jackson filed 4 security purchases, including Lam Research Corporation (LRCX) and Regeneron Pharmaceuticals (REGN). He also filed sales of Wayfair (W) and BP PLC (BP). Jackson sits on the Committees on Foreign Affairs and Agriculture.

To see more details about their trades, and how they’ve performed since, check out our Congress Trading Dashboard. 

BEHIND THE CURTAIN HIGHLIGHTS

Insights from our Behind the Curtain Dashboard.

We are combining the data we've been collecting on corporate lobbying, congressional stock trading, and proposed legislation to allow you to track what is going on behind the scenes in Washington, D.C. You can use this tool to see which bills are being considered by Congress, which publicly traded companies are lobbying on those bills, and which congressmen have traded stock in those companies.

• The FAA Reauthorization Act of 2023 currently has 4 publicly traded companies lobbying and 146 relevant congressional trades. Companies involved include Lockheed Martin (LMT) and Textron (TXT) 

• The DRUG Act currently has 6 publicly traded companies lobbying and 292 relevant congressional trades. Companies involved include Bristol-Myers Squibb (BMY) and Merck & Co (MRK)

• The Mining Regulatory Clarity Act of 2023 currently has 2 publicly traded companies lobbying and 36 relevant congressional trades. The companies involved are Barrick Gold Corp. (GOLD) and Newmont Corporation (NEM). 

Check out the Behind the Curtain dashboard for a full breakdown. 

STOCK SCREENER TEASER

Quiver’s stock screener allows you to see a ticker across dozens of datasets, including price changes, liabilities, social mentions, governmental involvement, insider trading, and more. 

Looking at Amazon (AMZN), we can see they currently have 1.53M employees, their revenue is $574.79B, and they have upwards of $300B in liabilities.

To search stocks of your choice and see their performance and stats across other factors, check out Quiver’s premium options. 

OPENAI'S ALTMAN & UAE TAKE ON GLOBAL CHIP SHORTAGE WITH MULTI-TRILLION DOLLAR INVESTMENT

Insights from the Quiver News Feed

Sam Altman, CEO of OpenAI, is no stranger to ambitious undertakings. Known for spearheading efforts to achieve human-level artificial intelligence, Altman is now setting his sights on a challenge that could fundamentally alter the technological landscape: reshaping the global semiconductor industry. This initiative, marked by its colossal scale, seeks to dramatically increase the world’s capacity for chip manufacturing, a move critical not just for powering AI technologies but for advancing a myriad of other sectors. With discussions underway to secure funding from a range of investors, including the government of the United Arab Emirates, the project's aspirations stretch into the trillions of dollars, aiming for a monumental investment that could total between $5 trillion to $7 trillion.

The impetus behind Altman's ambitious venture is twofold. On one hand, it addresses a bottleneck that has long constrained OpenAI's growth: the scarcity of advanced graphics processing units (GPUs) necessary for training large AI models such as ChatGPT. On the other, it seeks to preemptively counter the limitations imposed by the current size and capacity of the global semiconductor industry, which, despite expectations of growth, remains insufficient to meet the burgeoning demands of AI and other high-tech endeavors.

Continued on our News Feed.