Nothing says ‘the AI bubble is over’ like the biggest names in tech taking money off the table. Thiel, Bezos, and Zuckerberg are among the execs selling their own stock in large chunks this quarter. Should you adjust your portfolio? Maybe don’t ask ChatGPT.

The lowdown

• 🚙 Nissan is targeting 1 million extra vehicle sales in the next three years.

• 👀 Apple to launch the Vision Pro in China this year.

• 🏭 US announces $6 billion to slash emissions in industrial facilities.

Featured story

Thiel, Bezos, Zuckerberg join tech selloff

Tech billionaires Peter Thiel, Jeff Bezos, and Mark Zuckerberg are among executives who have sold hundreds of millions of dollars of company stock ($) this quarter, suggesting recent market exuberance could be peaking. The ratio of insider selling to insider buying is at its highest level since Q1 2021, according to research management software Verity, which tracks insider trading disclosures.

Thiel sold $175 million of Palantir stock this month, according to regulatory disclosures, the most since February 2021. Bezos sold $8.5 billion of Amazon shares in February, while Zuckerberg sold $135 million of Meta stock, the most since November 2021.

Stock sales at the beginning of a calendar year are normal, but analysts still said the recent selling spree has been surprising, and an indicator that a recent tech bull run fueled by gen AI excitement is about to wane.

“If they think that we’re at the top and so they’re getting out, that’s a rather stark signal to everyone else,” Charles Elson, chair of corporate governance at the University of Delaware, told the FT.

The content we're consuming today

• WSJ: The risk and reward of taking the unsexiest job at a sex company ($)

• HBR: How leaders can open up to their teams without oversharing

• Wired: Glassdoor wants to know your real name

Off-balance sheet items

• Are you using AI on your phone? Here’s how to get ahead by doing exactly that.

The bottom line