President Donald Trump made 517 securities trades in August, according to a federal ethics disclosure published Thursday, including purchases of Nvidia, Microsoft and AMD shares and a sale of Dell stock. The same day, he awarded national medals to the chief executives of Nvidia, AMD, Microsoft and Dell, among others.
The Office of Government Ethics form, signed September 17, shows Trump bought between $250,001 and $500,000 of Nvidia on August 3 and another $500,001 to $1 million on August 17. The largest August line for Microsoft was a buy of $1 million to $5 million on August 10. AMD had one move all month: a sale between $1 million and $5 million on August 21.
The largest transaction on the filing was a Meta purchase worth $5 million to $25 million. The report also recorded a Netflix buy of $1 million to $5 million on August 21 and a purchase of SpaceX senior unsecured notes due 2031 worth $1 million to $5 million on August 18. Trump also traded Tesla, Alphabet and Dell, including a Dell sale of $500,001 to $1 million.
At the Washington ceremony on Thursday, Trump awarded the National Medal of Science to Nvidia CEO Jensen Huang, AMD CEO Lisa Su, Elon Musk and Google co-founder Sergey Brin. Microsoft’s Satya Nadella and Michael Dell received the National Medal of Technology and Innovation. 'The entire world is running on Nvidia,' Trump said.
White House spokesman Davis Ingle said all investment decisions for the portfolio are made by independent managers, the accounts copy recognized indexes such as the Schwab 1000, and there are no conflicts of interest. The Trump Organization said third-party institutions select trades and Trump or his family has no involvement.
Separately, a filing showed that Trump's independently managed accounts sold between $500,001 and $1 million of Dell Technologies shares on August 21 and another $15,001 to $50,000 on August 28. Those sales followed months of Trump praising Dell, including telling Americans to 'go out and buy a Dell computer.'
Dell stock closed at $574.55 on Thursday, up about 356% in 2026. The company reported $60.9 billion in AI-server orders, $16.4 billion in AI-server revenue and a record $95 billion backlog. Morgan Stanley kept an Equal Weight rating with a $511 target; Mizuho raised its target to $650; TD Cowen raised its target to $550 but maintained a Hold rating while warning of memory constraints in 2027.
There is no evidence Trump personally directed the Dell sales. The White House reiterated that third-party financial institutions manage the portfolio independently, and the Trump Organization said Trump and his family do not select or approve individual trades. Disclosures since January now top 9,200 transactions, with first-quarter filings alone totaling between $220 million and $750 million.
