Nvidia, Advanced Micro Devices lead chips higher as Pelosi signals support for bill
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Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) and Qualcomm (QCOM) were some of the biggest gainers on Wednesday, as legislation to aid the semiconductor industry passed a key procedural vote in the U.S. Senate.
Nvidia (NVDA) gained more than 3.5% to $176.01, while AMD (AMD) and Qualcomm (QCOM) both rose more than 2%. Other chip stocks also rose on Wednesday, including Micron Technology (MU), Marvell Technology (MRVL), Intel (INTC) and Texas Instruments, all of which rose between 0.5% and 2%.
Wednesday's gains, which added on to Tuesday's strong rally in technology stocks, capped off a 24-hour period in which U.S. lawmakers looked to move on the legislation that many in Washington have deemed as critical to national security.
On Tuesday, the Senate voted 64-34 to advance the bill some have called Chips-plus. Additional details of the legislation are still being worked out, as Seeking Alpha reported, but it has won the support from other lawmakers, including Speaker of the House, Nancy Pelosi.
In a letter to lawmakers obtained by Reuters, Pelosi said the slimmed down version of the legislation "is a major victory for American families and the American economy," adding that it is "a bold, bipartisan package that will lower costs for families here at home while reigniting American competitiveness on the world stage."
Pelosi said the House of Representatives could vote on the package as early as next week, Reuters added.
Earlier this month, Pelosi and her husband, Paul, exercised millions of dollars in call options in Nvidia (NVDA), according to CongressTrading.com, a database that keeps track of lawmaker's stock trades.
The pending legislation would give roughly $54B in subsidies to encourage manufacturers to build foundries in the U.S. and a new, four-year 25% tax credit to encourage companies to build semiconductor plants in the U.S.
The legislation would also authorize grants and loans as well.
Earlier this week, it was reported that chip designers like Nvidia (NVDA), Qualcomm (QCOM) and AMD (AMD) were weighing whether they should oppose the legislation, as it disproportionately benefits manufacturers like Intel (INTC), Micron (MU) and Texas Instruments (TXN). 
Wedbush Securities analyst Matt Bryson recently said that AMD (AMD) was the most likely near-term winner in the semiconductor space, beating out competitors like NVIDIA (NVDA) and Intel (INTC).