Democrat Writing AI Policy Bought AI Chip Stocks After Backing Trading Ban

Rep. Josh Gottheimer, a New Jersey Democrat helping write his party's artificial intelligence agenda, disclosed new purchases of AI-linked stocks in October — just months after voting to ban lawmakers and their families from buying individual shares.

The five disclosed trades totaled between $5,005 and $75,000. They include an Oct. 12 purchase of between $1,001 and $15,000 of Benchmark Electronics stock, according to a filing released this week, and an Oct. 26 purchase of up to $15,000 worth of Applied Materials shares through a jointly owned Morgan Stanley account.

The filings also show three earlier purchases of Advanced Micro Devices, the leading AI chipmaker that competes with Nvidia.

Why the trades matter now

There's no evidence of wrongdoing. But the purchases put Gottheimer's investments in an uncomfortable spotlight as Democrats prepare to take control of Congress in January, gaining new power to regulate and investigate the AI industry.

Gottheimer is not a backbencher on these issues. He's a former Microsoft executive. He sits on the House Financial Services subcommittee overseeing AI in finance. He has introduced legislation on AI regulations. And he co-chairs a commission developing Democrats' broader AI agenda.

That means the same lawmaker helping shape the rules for the AI industry holds direct financial exposure to the sector's biggest names. His party is already targeting that industry. Reps. Maxine Waters and Greg Casar introduced a resolution opposing taxpayer bailouts for AI companies, referred in part to Gottheimer's committee. Casar has also called for AI executives to testify under oath. Other Democrats are pushing to restrict data centers or halt new construction altogether.

What did the spokesman say?

Gottheimer's spokesman, Haraden Bottomley, said the congressman turned over control of his investments to a third party before taking office in 2017, giving that party "full investment discretion."

"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.

That explanation did not stop the timing from drawing attention. Gottheimer's own record makes the contrast sharp. In July, he was among just 13 Democrats who voted for the Stop Insider Trading Act, which would prohibit lawmakers and their families from purchasing most individual stocks. The bill passed the House but has not become law.

Four years earlier, Gottheimer backed legislation requiring lawmakers to place investments in blind trusts and pledged to establish one himself.

Some Democrats opposed the Stop Insider Trading Act both because it contained a voter-ID provision and because some said it should have gone further in curbing stock purchasing and holding by elected officials.

How big are these trades really?

The AI purchases are a small slice of Gottheimer's sprawling portfolio. His disclosed household assets range from $15.1 million to $59 million, including up to $44.5 million in stocks.

His household has reported more than 1,100 securities transactions over three years, according to Follow the Filings. Gottheimer reports household assets jointly with his wife, Marla Tusk, who is general counsel at a political consulting firm.

The October filings fit a pattern. Gottheimer also disclosed an Applied Materials purchase in August and a sale in September.

What are the companies he bought?

All three names sit deep inside the AI supply chain.

• Advanced Micro Devices competes with Nvidia in AI chips.
• Applied Materials supplies semiconductor manufacturing equipment.
• Benchmark Electronics counted Applied Materials as its largest disclosed customer in 2025, accounting for 14% of revenue, according to a securities filing.

Benchmark generated 30% of its third-quarter revenue from semiconductor equipment and another 16% from advanced computing and communications, according to its Oct. 28 earnings report.

How did the market respond?

The purchases came shortly before a sharp selloff in AI stocks. The Nasdaq Composite Index plunged 5.5% Thursday, as Nvidia dropped more than 9% and AMD roughly 17%. The index includes both companies.

Benchmark fell nearly 17% over Wednesday and Thursday, closing at $59.34 — roughly 25% below its closing price on Gottheimer's October purchase date — before recovering somewhat Friday.

The congressman's account, managed by a third party with full discretion, bought just weeks before the drop.

What happens in January?

The stakes are straightforward. When Democrats take control of Congress in January, Gottheimer's subcommittee and his AI commission will help determine how the industry gets regulated, investigated and possibly restricted. His household's exposure to AMD, Applied Materials and Benchmark gives critics an easy line of attack, and his past support for a stock-trading ban makes the October filings harder to wave away.

The unresolved question is the blind trust. Gottheimer says he's still awaiting congressional approval for it. Until it's approved, every AI-related trade his account makes will land in public filings — and in the news — while he writes the rules for the industry those stocks belong to.