Gottheimer discloses AI-linked stock buys after voting to restrict congressional trading

Rep. Josh Gottheimer’s investments are drawing scrutiny as his party prepares to gain new power over the AI industry. The New Jersey Democrat disclosed October purchases of two AI-linked stocks after backing restrictions on congressional trading, CNBC reported November 7. CNBC found no evidence of wrongdoing; his spokesman says a third party controls the investments.

A filing released this week disclosed a purchase of between $1,001 and $15,000 in Benchmark Electronics shares on October 12. A jointly owned Morgan Stanley account then bought up to $15,000 of Applied Materials stock on October 26. Those transactions followed three earlier purchases of Advanced Micro Devices shares.

Together, the five purchases totaled between $5,005 and $75,000. The disclosed amounts are ranges, rather than exact transaction values. Gottheimer also reported an Applied Materials purchase in August and a sale in September, placing the latest purchases within a longer record of transactions involving the semiconductor-equipment supplier.

The holdings reach into AI’s supply chain

The companies provide different forms of exposure to AI hardware. AMD competes with Nvidia in AI chips. Applied Materials supplies equipment used to manufacture semiconductors. Benchmark’s business includes semiconductor equipment as well as advanced computing and communications, rather than consisting solely of AI products.

Benchmark generated 30% of its third-quarter revenue from semiconductor equipment and another 16% from advanced computing and communications, according to its October 28 earnings report cited by CNBC. Applied Materials was also Benchmark’s largest disclosed customer in 2025, accounting for 14% of revenue. The two new holdings therefore have a direct commercial connection.

A trading-ban vote, but no enacted ban

Gottheimer is not simply an investor in the sector. A former Microsoft executive, he sits on the House Financial Services subcommittee overseeing AI in finance. He has introduced AI-regulation legislation and co-chairs a commission developing Democrats’ broader AI agenda. Democrats are preparing to take control of Congress in January, gaining new regulatory and investigative power.

In July, he was among 13 Democrats who voted for the Stop Insider Trading Act. The measure would prohibit lawmakers and their families from buying most individual stocks. It passed the House but has not become law, an important distinction between the restrictions Gottheimer supported and the rules currently governing his investments.

Democratic opposition to that bill did not reflect a single position on trading restrictions. Some opposed its voter-ID provision; others argued it should go further in limiting elected officials’ stock purchases and holdings. Gottheimer’s own support predates that vote: four years earlier, he backed legislation requiring blind trusts and pledged to establish one himself.

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.

Haraden Bottomley, Gottheimer’s spokesman, speaking to CNBC

His office points to independent investment control

Bottomley said Gottheimer handed control of his investments to a third party with full investment discretion before taking office in 2017. That is the office’s explanation for how investment decisions are made. The arrangement he described as already operating is an independent trust; congressional approval of a blind trust remains pending.

The five AI-linked purchases represent a small part of a much larger household portfolio. Gottheimer disclosed household assets of $15.1 million to $59 million, including up to $44.5 million in stocks. He reports those assets jointly with his wife, Marla Tusk, general counsel at a political consulting firm. According to Follow the Filings, cited by CNBC, the household reported more than 1,100 securities transactions over three years.