Week to date, shares of Nvidia (NASDAQ: NVDA) were up 9.5% as of 12:59 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence. Nvidia got a boost this week after the Senate voted to pass the Chips for America Act that would provide subsidies for semiconductor companies.  

Investors are digesting this positive development along with a weak outlook for Nvidia in the near term, as prices collapse for graphics chips. 

The Senate bill would provide over $50 billion in subsidies and tax credits for U.S. chip companies, which is intended to strengthen America's chip supply chain.   

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Source Fool.com