Why Nvidia Stock Rallied on Tuesday

Shares of Nvidia (NASDAQ: NVDA) surged higher Wednesday, jumping as much as 5.1%. As of 1:38 p.m. ET today, the stock was still up 4.9%.

While there wasn't any company-specific news involving the chipmaker, a new bill being considered by Congress could boost much of the U.S. semiconductor industry.

A draft bill in the Senate aims to increase semiconductor manufacturing in the U.S., putting the country on a more even footing with China. The bill would provide roughly $52 billion in grants and subsidies in the midst of a global semiconductor shortage and ongoing supply chain disruptions.

Source Fool.com