Lawmaker involved in AI policy discloses stock purchases in chip companies

According to filings released this week, Gottheimer acquired between $1,001 and $15,000 worth of Benchmark Electronics stock on October 12. A jointly owned Morgan Stanley account also purchased up to $15,000 of Applied Materials shares on October 26, following three previous investments in Advanced Micro Devices, a leading AI chipmaker.

While no evidence of wrongdoing has been presented, the transactions are drawing scrutiny as Democrats prepare to assume greater regulatory power over the AI industry. Gottheimer, who previously worked at Microsoft, plays a key role in developing the party’s AI agenda, serving on a financial services subcommittee and introducing related legislation.

Spokesman Haraden Bottomley stated that Gottheimer delegated investment control to a third party in 2017 and is seeking approval for a blind trust. “Gottheimer is also awaiting approval from Congress of a blind trust. In the meantime, he has taken the extra step of setting up an independent trust,” Bottomley said.

Other Democrats are already pursuing stricter AI regulations, including resolutions opposing taxpayer bailouts for AI companies and calls for testimony from AI executives. Some are advocating for restrictions on data centers.

Gottheimer has consistently supported measures to limit congressional stock trading, including a July vote on the Stop Insider Trading Act. This bill, which would prohibit individual stock purchases by lawmakers and their families, passed the House but has not been enacted. He previously pledged to establish a blind trust for his own investments.

The disclosed AI-related purchases represent a small portion of Gottheimer’s overall investment portfolio, valued between $15.1 million and $59 million. He and his wife, Marla Tusk, have reported over 1,100 securities transactions in three years.

Advanced Micro Devices competes with Nvidia in the AI chip market, while Applied Materials provides equipment for semiconductor manufacturing. Benchmark Electronics is a significant customer of Applied Materials.

The purchases occurred shortly before a significant downturn in AI stock values, with the Nasdaq Composite Index declining by 5.5% and major chipmakers experiencing substantial losses. Benchmark shares also fell sharply before partially recovering.