Nancy Pelosi’s bet on Nvidia (NASDAQ: NVDA) – disclosed late in 2023 – has been a matter of much coverage thanks to its seemingly implausible success.
Indeed, the former Speaker of the House purchased 50 call options, reported as worth between $1 an $5 million, giving her the right to buy NVDA shares at $120 at a time they cost about $487.
The stock market price action of the semiconductor giant means that Pelosi is nearly 1,000% in the green on the bet as – after accounting for the stock split – she has a right to buy at $12, while Nvidia price today stands at $128.28.
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The Representative, however, is apparently bullish enough on the blue-chip chipmaker that she made another, even greater investment in June 2024. On July 3, it was revealed that Pelosi purchased another 10,000 NVDA shares for approximately $1.2 million in total.
The move can be interpreted as a strong show of confidence, given just how much Nvidia has been rising since the artificial intelligence (AI) boom started in late 2022.
On the other hand, the former Speaker is far from the only person bullish about the semiconductor giant since NVDA stock is overwhelmingly expected to continue rising with some estimating it will reach $200 in 12 months’ time.
Nancy Pelosi makes massive update to her portfolio in July
Though the Nvidia purchase was massive and – given Pelosi’s history with the stock – the most prominent, it wasn’t the Representative’s only trade in June.
Throughout the month, the former Speaker sold a large part of her Tesla (NASDAQ: TSLA) holdings – an uncharacteristically ill-timed move given that the EV maker rose some $60 per share between the time of the sale and the time the disclosure was filed.
At the same time, Nancy Pelosi disclosed selling up to $1 million worth of her Visa (NYSE: V) stock and buying call options for Broadcom (NASDAQ: AVGO).
In total, the trades helped the Representative be the most successful trader on July 3 – a day that saw American legislators make $4.5 million within a single session thanks to their stock market activities.
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