The husband of House Speaker Nancy Pelosi sold more than $4 million worth of shares in software and computer-chip company Nvidia NVDA,
The trade by Paul Pelosi was executed on July 26, when he sold 25,000 shares at an average price of $165.05 per share, for a total loss of $341,365.
Last week, it was disclosed that Paul Pelosi had exercised call options for as much as $5 million worth of Nvidia stock ahead of deliberations in Congress about a bill that would boost the U.S. semiconductor industry.
The semiconductor bill, called the CHIPS-Plus Act or the Chips for America Act, 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 U.S.
It’s important to note that Nvidia designs its own chips, but hires other companies to manufacture them. So it doesn’t appear likely that Nvidia will directly receive benefits from subsidies related to this congressional bill.
Federal law mandates that members of Congress file reports within 45 days after they or their spouses buy or sell stocks with a value greater than $1,000.
The office of Speaker Pelosi did not immediately respond to MarketWatch’s request for comment on this story.
In July, the Democratic speaker of the House said that her husband has “absolutely not” made any stock trades based on information from her.
