AMD CEO Lisa Su Sells $28.2M in Shares Through Systematic 10b5-1 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.