Former Speaker of the House Nancy Pelosi’s husband bought stock options in semiconductor company Nvidia even as the Biden administration looks to hand out subsidies to boost the industry.
Paul Pelosi purchased between $1 million and $5 million in call options, which expire at the end of 2024, at a strike price of $120 on Nov. 22, according to financial disclosures. Nvidia, a top American semiconductor manufacturer, could be one of many chip companies to soon receive subsidies and tax credits from the Biden administration through the CHIPS and Science Act, which includes $52 billion in stimulus for the industry to bolster American production in competition with Chinese technology. (RELATED: Dem Senators Earmark $1 Million For LGBT Center Hosting ‘Anti-Capitalist’ Financial Planner)
Paul Pelosi made a previous purchase in June 2022 of up to $5 million in Nvidia stock the month before a Senate vote on the subsidy bill. Ethics expert Craig Holman expressed concern that the convenient timing of the trade “raises the specter” that Pelosi could have access to insider information.
BREAKING: Nancy Pelosi and her husband have purchased up to $5 million of Nvidia, $NVDA, call options with a strike price of $120 and expiration date of 12/20/24.
You read that right.
They purchased leveraged bets over a company they legislate.
— unusual_whales (@unusual_whales) December 22, 2023
Commerce Secretary Gina Raimondo said on Dec. 11 that the Biden administration was in discussions with Nvidia in order to determine what chips the company can export to China, according to Reuters. Raimondo emphasized that the company cannot sell its most advanced chips but that it should be allowed to sell more basic chips.
The Biden administration placed sanctions on the Chinese chip industry in October 2022, blacklisting a number of the country’s semiconductor companies from working with U.S. firms in an effort to keep the sensitive technology out of China’s hands.
Nvidia announced its third-quarter results on Nov. 21, the day before the trade from Pelosi, reporting a 34% increase in revenue from the previous quarter and a 206% increase year-over-year.
Pelosi’s office did not immediately respond to a request to comment from the Daily Caller News Foundation.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.