- The US government has announced 43 deals involving stock ownership or warrants since the start of President Trump’s second term, totaling around $30 billion, according to the Council on Foreign Relations.
- Intel dominates the portfolio. The $8.9 billion equity investment for a 9.9% stake, made in August 2025, rose to a market value as high as $61 billion before a recent selloff cut it to roughly $41 billion, about 4.6 times the original outlay (Lumida calculation).
- Chips and materials lead the deal count. The government has struck 14 semiconductor deals, including $389 million in equity funding for four companies announced last week, and at least 16 deals in metals, critical minerals and natural resources, eight of which include loans.
- Quantum is a growing bet. The administration has announced stakes in nine quantum computing companies, including a $1 billion commitment to IBM, which plans to spend another $1 billion to build the first US quantum-chip-making facility.
What Happened?
The Commerce Department accounts for 25 of the deals, the Defense Department 11 and the Development Finance Corporation two. Among the largest materials deals is a $2.15 billion Defense Department investment in Korea Zinc, and Vulcan Elements and ReElement Technologies received Defense loans of $620 million and $80 million. Many deals also include loans and supply agreements with bespoke structures that analysts say have untested legal authority.
Why It Matters?
Washington has become an active equity investor in strategic industries, which can lift sentiment for companies seen as potential partners but also introduces political risk and questions about governance. The Council on Foreign Relations’ Jonathan Hillman said “there are many dealmakers and no chief investment officer” for the growing portfolio, and free-market critics have warned of government overreach.
What’s Next?
Watch for more announcements in chips, minerals and quantum, how many of the quantum deals actually close, and how the government handles its gains, particularly on Intel. The midterm elections could also shape whether this hands-on industrial policy continues at the same pace.
Affected Tickers and Coins: INTC, IBM, SMH
Source: WSJ
