AMD CEO Lisa Su Sells $28.2M in Shares Through Systematic 10b5-1 Plan
Lisa Su, AMD's Chair, President & CEO, executed a coordinated multi-tranche sale of 128,000 shares on December 10-11, 2025, netting $28.2M. The pattern suggests execution of a pre-arranged 10b5-1 trading plan.
Lisa Su, AMD’s Chair, President & CEO, executed a coordinated sale of 128,000 shares across 12 separate tranches on December 10–11, 2025, generating approximately $28.2 million in proceeds. The multi-tranche execution pattern and consistent pricing intervals strongly suggest this was a pre-arranged 10b5-1 trading plan rather than discretionary selling.
The Systematic Sell Pattern
Su’s December sales occurred in 12 separate transactions, each executed at slightly different prices ranging from $210.79 to $221.47 per share. This staggered approach is the hallmark of a 10b5-1 plan—a pre-arranged trading schedule that insiders establish during open trading windows to avoid accusations of trading on material non-public information.
| Date | Shares Sold | Price Per Share | Proceeds |
|---|---|---|---|
| Dec 11, 2025 | 15,991 | $220.97 | $3,535,000 |
| Dec 11, 2025 | 8,201 | $220.12 | $1,804,000 |
| Dec 11, 2025 | 3,901 | $218.82 | $853,000 |
| Dec 11, 2025 | 1,701 | $217.66 | $370,000 |
| Dec 11, 2025 | 6,877 | $216.63 | $1,490,000 |
| Dec 11, 2025 | 6,700 | $215.80 | $1,446,000 |
| Dec 11, 2025 | 14,892 | $214.72 | $3,199,000 |
| Dec 11, 2025 | 12,019 | $213.82 | $2,569,000 |
| Dec 11, 2025 | 29,101 | $212.83 | $6,191,000 |
| Dec 11, 2025 | 23,205 | $212.06 | $4,922,000 |
| Dec 11, 2025 | 2,100 | $210.79 | $443,000 |
| Dec 10, 2025 | 312 | $221.47 | $69,000 |
After the sales, Su retained 3.27 million shares of AMD, maintaining a substantial direct stake in the company she leads. The Form 4 filing shows no officer title listed, though SEC records confirm her role as Chair, President & CEO.
10b5-1 Plans: The Insider Selling Standard
A Rule 10b5-1 trading plan allows corporate insiders to establish a predetermined schedule for buying or selling company stock during open trading windows. Once adopted, the plan operates automatically, removing the insider from the decision-making process and protecting against accusations of trading on material non-public information.
The characteristics of Su’s December sale align perfectly with a 10b5-1 execution:
- Multiple tranches: 12 separate sales rather than a single block order
- Consistent pricing intervals: Prices descend in a narrow band ($210–$221), typical of algorithmic execution
- Staggered timing: Concentrated over two days, suggesting a pre-planned schedule
- Substantial volume: 128,000 shares is material enough to warrant a structured plan
Su’s Selling History: A Career of Liquidation
This December sale is consistent with Su’s long-term pattern. Since 2012, she has sold $593.8 million in AMD stock while buying only $98,400—a 6,000:1 sell-to-buy ratio. Her career transactions show regular, systematic liquidation rather than opportunistic trading.
In August 2025, Su executed a similar multi-tranche sale of 225,000 shares, netting $36.8 million. That sale also followed the 10b5-1 pattern, with multiple tranches executed across a single day at prices ranging from $163 to $177 per share.
What This Signals
Systematic 10b5-1 selling by a CEO does not necessarily signal loss of confidence in the company. Instead, it reflects:
- Diversification: CEOs often establish 10b5-1 plans to gradually reduce concentration risk in company stock
- Liquidity needs: Planned capital for personal investments, real estate, or charitable giving
- Tax planning: Spreading sales across multiple quarters to manage capital gains tax liability
- Regulatory compliance: Demonstrating that sales follow a pre-arranged schedule, not material information
The fact that Su also received 99,211 shares via grant on December 10 (likely a year-end equity award) suggests AMD’s compensation committee continues to grant her substantial equity, even as she executes her 10b5-1 plan.
Key Facts
| Insider | Lisa Su |
| Company | AMD (Advanced Micro Devices) |
| Transaction Date | December 10–11, 2025 |
| Shares Sold | 128,000 |
| Sale Proceeds | $28.2 million |
| Shares Retained | 3.27 million |
| Career Sales (2012–2025) | $593.8 million |
| Career Buys (2012–2025) | $98,400 |
| Filing Date | December 12, 2025 |
What to Watch
- Next 10b5-1 execution: Monitor Su’s Form 4 filings in Q1 2026 to see if the plan continues. Systematic plans typically run for 12 months unless modified.
- AMD stock performance: If AMD stock rallies significantly above $230, the next tranche of Su’s 10b5-1 plan may execute at higher prices, increasing proceeds.
- Equity grants: Watch for the next annual equity grant to Su in Q1 2026. If grants continue at current levels, her net ownership will stabilize despite the 10b5-1 sales.
- Insider buying: Any open-market purchases by Su or other AMD executives would signal confidence and contrast with the systematic selling pattern.
- Disclosure amendments: If Su amends her 10b5-1 plan (Form 4 code “A”), it could indicate a change in strategy or acceleration of the liquidation schedule.
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