See the Trump Administration Stock Portfolio That Spans More Than 40 Companies
A $30 billion spending spree is slated to give the government stakes in chip firms, miners and more
- The Trump administration has announced 43 deals involving stock ownership or warrants since the start of the president’s second term.
- The spending spree has totaled around $30 billion, according to the Council on Foreign Relations.
- The government’s largest semiconductor deal is an $8.9 billion equity investment in Intel.
A slew of quantum-computing investments. A 35% stake in a firm vying for Venezuelan oil. Four equity deals in semiconductors and energy announced last week.
The Trump administration is snapping up stakes in private companies at an unprecedented pace. Since the start of President Trump’s second term, the U.S. government has announced 43 deals involving stock ownership or warrants that may be swapped for equity at a later date.
The spending spree has totaled around $30 billion, according to the Council on Foreign Relations. And thanks largely to a surge in the stock price in Intel INTC 1.91%increase; up pointing triangle, the chip maker that sold a 9.9% stake to the government in August 2025, America’s stock portfolio is sitting on gains of tens of billions of dollars.
Many of the financial bets also include loans and supply agreements, often employing bespoke structures that analysts say have untested legal authority. While some deals extend longstanding backing of international projects through the International Development Finance Corporation, the increasingly hands-on approach has drawn criticism from free-market proponents of government overreach.
For analysts and investors interested in Washington bolstering artificial intelligence, minerals and other industries key to America’s global clout, the holdings represent a portfolio that must be managed like any other.
“That means tracking performance, rebalancing when needed, and optimizing returns, which shouldn’t be measured in dollars alone,” said Jonathan Hillman, a senior fellow at the Council on Foreign Relations. “The challenge is there are many dealmakers and no chief investment officer for Washington’s growing portfolio.”
Here’s how the deals break down:
Chips
Semiconductors are the building blocks of the AI race. Of the government’s 14 announced deals in the sector, its $8.9 billion equity investment in Intel is by far the largest. A monthslong rally in the American chip-making giant’s shares pushed the market value of those holdings to as high as $61 billion, but a sharp selloff in recent weeks dragged the government’s stake to roughly $41 billion.
In December, the government announced a preliminary agreement to invest in xLight, a laser maker whose products support chip-making, worth $150 million. In exchange, the Commerce Department agreed to give government incentives. The deal was finalized in June.
Last week, Commerce announced equity deals totaling $389 million in funding for four chip companies: Helion, Commonwealth Fusion Systems, Vertical Semiconductor and Sibelco.
Materials
The U.S. has struck at least 16 deals with companies in metals, critical minerals and natural resources, key suppliers for everything from batteries to defense technology.
Eight of these agreements include loans. Vulcan Elements and ReElement Technologies, whose products include purified materials needed for magnets, received Defense Department loans of $620 million and $80 million, respectively.
Among the largest deals is a $2.15 billion investment from the Defense Department, alongside private investors, in Korea Zinc. The deal stemmed from U.S. and South Korean concerns that China—a mining and critical-minerals superpower—could restrict the countries’ access to important materials.
Quantum
The Trump administration has taken an interest in the nascent field of quantum computing, which has the potential to upend cybersecurity and turbocharge scientific research. The government has announced equity stakes in nine companies, with eight deals totaling at least $100 million of investment apiece, though most have yet to close.
In June, Trump signed a pair of executive orders calling for the development of a quantum computer, a bid to bolster digital defenses and transition the federal government to quantum-resistant security measures.
The largest of the government’s deals was a $1 billion commitment to IBM. The tech stalwart plans to spend an additional billion dollars of its own cash to create the first quantum-chip-making facility in the country.