Pelosi’s husband tosses Nvidia stock as House eyes chip bill

The NVIDIA logo is seen at SIGGRAPH 2017 in Los Angeles, California, USA on July 31, 2017. REUTERS/Mike Blake

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July 27, 2010 U.S. House Speaker Nancy Pelosi’s husband sold shares of chip maker Nvidia ( NVDA.O ) on Tuesday as the House is expected to consider legislation that would provide more than $70 billion in subsidies and tax credits to boost the U.S. semiconductor industry. .

In a recent trading report, the Democrat’s husband, financier Paul Pelosi, sold 25,000 shares of Nvidia for $4.1 million and ended up with a loss of $341,365.

Paul Pelosi frequently trades stocks of companies popular with many investors, including Apple ( AAPL.O ), Microsoft ( MSFT.O ) and other technology companies.

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Trading reports filed by multi-millionaire Pelosi show her husband bought 5,000 shares of Nvidia in July 2021 and exercised options to buy another 20,000 shares of Nvidia last June.

The Senate is expected to vote on final approval in the coming days of legislation that would provide nearly $52 billion in government subsidies for U.S. semiconductor production and an estimated $24 billion in investment tax credits for chip factories.

The bill, which aims to make the domestic chip industry more competitive with China, will be taken up in the US House under the leadership of Pelosi.

Last year, Pelosi defended federal lawmakers’ stock-trading rights, but later called for lawmakers to ban stock-trading, signaling her willingness to advance such legislation.

In the year A 2012 law makes it illegal for lawmakers to use information obtained from their work in Congress for personal gain. The law requires them to disclose share transactions by themselves or family members within 45 days.

A service that sells rare whale financial data said last year that lawmakers traded $290 million in stocks, options, cryptocurrencies and other assets and outperformed the market on average.

Santa Clara, California-based Nvidia is the most valuable American chip maker.

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Reporting by Noel Randewich; Editing by Aurora Ellis

Our standards: The Thomson Reuters Trust Principles.

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