The husband of House Speaker Nancy Pelosi exercised call options for as much as $5 million in shares of software and computer-chip company Nvidia, publicly available financial disclosures show.
According to the disclosures, Paul Pelosi, who owns a San Francisco–based investment firm, purchased between $1 million and $5 million in Nvidia stock
on June 17.
The move comes as a bill that is looking to support the U.S. semiconductor industry continues to clear key procedural hurdles in the Senate and the House. The bill aims to provide grants, tax credits and other incentives for companies to manufacture semiconductors in the United States.
It’s worth noting that Nvidia designs its own chips but hires other companies to manufacture them and likely would not directly receive benefits from subsidies related to this congressional bill.
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“The Speaker does not own any stocks,” Nancy Pelosi’s spokesman, Drew Hammill, said in a statement to Fox Business about the stock purchase on Monday. “As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse. The Speaker has no prior knowledge or subsequent involvement in any transactions.”
Federal law requires members of Congress to file reports within 45 days after they or their spouses buy or sell stocks with a value greater $1,000.
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On Thursday, the Democratic speaker added that her husband has “absolutely not” made any stock trades based on information from her.
In 2021, Nancy Pelosi, whose district is in San Francisco not far from Nvidia’s headquarters in Silicon Valley, voiced opposition to banning members of Congress and their families from trading individual securities. “We are a free-market economy,” Pelosi said. “They should be able to participate in that.”
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Semiconductors are used in automobiles, phones, computers and many other popular items, and the U.S. relies heavily on foreign countries for a large portion of its semiconductors — the U.S. global share of semiconductor production has dropped from 37% to 12% over the last three decades, according to the AP.
Paul Pelosi, 82, made headlines recently after being charged with driving under the influence in connection with a May 28 car crash in Northern California’s Napa County, where the Pelosis reportedly maintain a second home.