House Speaker Nancy Pelosi’s husband Paul Pelosi has just bought up millions in computer chip stock ahead of a critical congressional vote on a huge subsidy bill.
Fresh off a drunk driving charge, Paul Pelosi just bought up to $5 million in a computer chip company’s stock.
The move comes just before a key vote on a bill that will hand billions in subsidies to boost chip manufacturing.
The bill was to address the chip shortage due to America’s overreliance on manufacturers based in foreign countries, specifically Taiwan.
The chip shortage has caused widespread disruption, particularly in the manufacture of cars and electrical goods.
One Intel plant, meant to be built in Ohio, could be in trouble without a quick passage of the bill.
Biden, of course, has already been promoting the new plant as if construction was well underway. It is not.
But if we go by what stocks Paul Pelosi buys, Intel will be very happy.
Paul Pelosi apparently has a mysterious crystal ball-like gift when it comes to predicting how Congress will vote.
Of course, as “fact-checkers” will be quick to remind you, Nancy Pelosi would never tell her husband how the vote would go because that would be insider trading.
On June 17, Paul Pelosi purchased 20,000 shares of Nvidia, one of the world’s largest semiconductor companies, according to the speaker’s disclosure report.
The purchase was incredible timing as the vote to pass the bill could come as early as next week.
If the bill passes, the investment could earn the Pelosis hundreds of thousands of dollars in just a few weeks.
The bill provides $52 billion to boost domestic semiconductor manufacturing and gives tax credits for production.
“Nvidia is a multinational corporation that designs and manufactures graphics processors and other technology and is heavily reliant on semiconductors,” according to The Daily Caller.
“The House passed a bill in February that included $52 billion in domestic subsidies for the semiconductor industry, and chip companies, including Nvidia, demanded Congress in June move forward on finalizing semiconductor subsidies for domestic manufacturing.
NEW – House Speaker Pelosi’s husband bought millions in computer-chip stocks ahead of vote on legislation to boost the chip-manufacturing industry.https://t.co/YDhQoOIwiG
— Disclose.tv (@disclosetv) July 16, 2022
This just in: Nancy Pelosi’s husband bought $5 million in chip stocks — including 20,000 shares of Nvidia — ahead of a China competition bill in the Senate that would allocate $52 billion to boost domestic semiconductor manufacturing & includes massive tax credits. pic.twitter.com/5JzlEd8Lmb
— Kyle Becker (@kylenabecker) July 16, 2022
A large chip factory currently in the early stages of being built outside of Columbus, Ohio, could see its scope scaled back or construction delayed depending on what Congress does with the CHIPS Act, Intel said in a statement on Thursday.
The facility was announced in January and would be the most significant expansion of U.S.-based semiconductor manufacturing in years. Intel estimated the plant could cost as much as $100 billion and committed an initial investment of $20 billion.
“We are excited to begin construction on a new leading-edge semiconductor manufacturing plant in Ohio and grateful for the support of Governor DeWine, the state government and all our partners in Ohio.
As we said in our January announcement, the scope and pace of our expansion in Ohio will depend heavily on funding from the CHIPS Act,” an Intel spokesperson said in a statement.
“Unfortunately, CHIPS Act funding has moved more slowly than we expected and we still don’t know when it will get done.
It is time for Congress to act so we can move forward at the speed and scale we have long envisioned for Ohio and our other projects to help restore U.S. semiconductor manufacturing leadership and build a more resilient semiconductor supply chain,” the statement continued.
See Speaker Pelosi’s disclosure here.