Rep. Michael McCaul Rides the AI Boom with AMD, AAPL, META Buys
Artificial intelligence (AI) has been the dominant theme of 2024, with companies across the board spending billions of dollars in order to advance their respective offerings. One Congressman believes that there is still upside remaining for the AI boom, as evidenced by his recent purchases.
Texas Republican Rep. Michael McCaul has just disclosed dozens of trades across several companies worth over $5 million. These include buys of AMD (NASDAQ:AMD), Apple (NASDAQ:AAPL) and Meta Platforms (NASDAQ:META). It should be noted that all of McCaul’s recent trades were made through his spouse or children.
These trades are especially interesting given that McCaul is a member of the Congressional High Tech Caucus and the Congressional AI Caucus. In fact, McCaul actually formed the Congressional High Tech Caucus after he was elected to the U.S. House of Representatives.
McCaul has been an active investor in recent years. According to Capitol Trades, he has placed a total of 5,868 trades across 546 issuers. His most traded industries are financials, industrials and information technology. In addition, his trade volume has totaled a significant $612.42 million.
AI Stocks: Rep. Michael McCaul Discloses Buys in AMD, AAPL, META
On June 3, McCaul, through his children, sold between $15,000 and $15,000 of META. However, on June 28, the Congressman seemingly had a change of heart and purchased between $15,000 and $50,000 of META, again through his children.
McCaul’s trades via his children didn’t stop there. He picked up between $100,000 and $250,000 of AAPL on June 10. Then, 10 days later, he acquired between $100,000 and $250,000 of AAPL again.
As for AMD, the Congressman, through his spouse, acquired between $15,000 and $50,000 of the semiconductor company on June 21.
McCaul is an advocate for AI development. Last July, he helped introduce the Creating Resources for Every American To Experiment with Artificial Intelligence Act of 2023Â (CREATE AI Act). The bill encourages AI development by providing resources to researchers and students, as well as support for the testing and benchmarking of U.S. AI models.
It would also lead to the establishment of the National Artificial Intelligence Research Resource (NAIRR), which seeks to provide researchers, educators and students with computational resources, AI data and educational AI resources.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.