Former House Speaker Nancy Pelosi disclosed millions of dollars in new investments tied to Intel and Bloom Energy, two companies positioned to benefit from U.S. government support for semiconductor manufacturing, hydrogen infrastructure and the power-intensive artificial-intelligence boom. The July transactions, attributed to Pelosi's husband, Paul Pelosi, included shares and call options that could represent more than $13 million in purchases based on the ranges reported in congressional disclosures.
The trades add to scrutiny surrounding the investment activity of members of Congress and their families, an issue that has followed Pelosi for years. Pelosi has denied allegations that her family trades on nonpublic information, and congressional financial disclosures report transaction values in broad ranges rather than exact amounts.
According to her latest periodic transaction report, the Pelosi portfolio acquired 15,000 shares of Bloom Energy as well as 200 call options carrying a $100 strike price and a June 17, 2027, expiration. The combined Bloom transactions were disclosed at an estimated value of between $3 million and $12 million.
The portfolio also acquired 10,000 Intel shares in a transaction valued at as much as $1 million. Another purchase covered 50 Intel call options with a $50 strike price and the same June 17, 2027, expiration, valued at as much as $500,000.
The investments come during a sharp rally in both companies. Bloom Energy shares are up about 134% this year, while Intel has gained roughly 136%, according to the source material, as investors increasingly focus on the infrastructure required to support expanding AI computing capacity.
Bloom manufactures solid-oxide fuel-cell systems capable of providing electricity for data centers and other large industrial facilities. The company has supplied power to Intel's Santa Clara data center for more than a decade and announced an expansion in 2024 aimed at creating what it described as Silicon Valley's largest fuel-cell-powered high-performance computing data center.
The company's exposure to the AI buildout has expanded further. Bloom announced an enlarged strategic relationship with Oracle in April involving 2.8 gigawatts of solid-oxide fuel-cell capacity for Oracle's AI data centers, while President Donald Trump said his administration would preserve federal funding for hydrogen-hub projects, including initiatives connected to Bloom's technology.
Bloom also secured a $2.65 billion agreement with American Electric Power covering a 900-megawatt project in Wyoming. Together, the projects give the company exposure to two increasingly interconnected investment themes: rising electricity demand from AI infrastructure and federal support for expanding domestic energy capacity.
Intel has separately received direct support from the Trump administration. The federal government invested $8.9 billion in the chipmaker last year for 433.3 million shares, representing a 9.9% stake, according to the supplied article. The White House presented the investment as part of its effort to strengthen U.S. semiconductor production, reduce dependence on overseas supply chains and expand technology capacity considered important for AI and national security.
Intel is also signaling that it could revisit a market it largely abandoned years ago. Chief Executive Lip-Bu Tan said during an Aug. 13 appearance on the TechSurge: Deep Tech VC Podcast that emerging memory technologies had renewed the company's interest in the business.
"I used to not invest in memory because it was kind of a commodity business. But now it has become different - there is a lot of new technology coming out. So we are kind of looking at it," Tan said, describing new memory architecture as "one of my pet projects."
Intel closed a $20 billion common-stock offering on Aug. 10, with proceeds earmarked for capital expenditures and advanced packaging capabilities. That financing followed the appointment of former SK Hynix Chief Executive Seok-Hee Lee as executive vice president of Intel Foundry.
The chipmaker has also filed a patent for an architecture called cross-batch memory, or XBM, designed to deliver extremely high memory bandwidth without the expensive silicon interposer used by current high-bandwidth-memory designs. Intel is separately working with SAIMEMORY, a SoftBank unit, on Z-Angle Memory technology.
