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.
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.
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.
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.
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