The former US House speaker has returned to investing, despite a previous trading controversy
Nvidia’s stock reached a record high on Tuesday after the chipmaker introduced new desktop graphics processors that make use of artificial intelligence. The company’s shares rose by 6.4% on Monday and continued to gain on Tuesday, trading above $535 per share as of 17:00 GMT. The surge was fueled by the unveiling of the GeForce RTX 40 SUPER Series, which is designed for gaming enthusiasts.
In a noteworthy coincidence, Former US House Speaker Nancy Pelosi made a substantial entry into the market by purchasing $5 million worth of call options for Nvidia. This strategic move has attracted the attention of investors, who closely scrutinize Pelosi’s trading activities given her notable track record of success. Furthermore, her husband, venture capitalist Paul Pelosi, has historical connections with the company.
Earlier, Reuters revealed that Paul Pelosi had divested his Nvidia stock in July, in an apparently strategically timed move, before the House deliberated on legislation concerning subsidies and tax credits aimed at fortifying the US semiconductor industry.
$NVDA TO THE MOON!!! https://t.co/B1a86W00qw
— firsttradernews (@firsttradernews) December 22, 2023
Despite this prior divestment, the Pelosis are once again making waves in the market. With Nvidia’s shares seeing an exceptional surge of 227% this year, Nancy Pelosi has re-entered the fray, acquiring 50 call options with a strike price of $120.
The disclosure of this latest investment comes from the Congresstrading account on X (formerly Twitter), recognized for meticulously tracking the stock trades of lawmakers on Capitol Hill. Financial analysts interpret the Pelosis’ investment in Nvidia as a bullish move for this year. Call options confer the holder the right, though not the obligation, to purchase a specific quantity of an underlying asset at a predetermined price within a specified timeframe.