Trump administration announces 43 deals involving government stock and warrants

Intel stake fell to roughly $41 billion after a sharp selloff

As of Oct. 29, 2026, the Trump administration had announced 43 deals involving U.S. government stock ownership or warrants since President Trump began his second term, according to The Wall Street Journal, citing the Council on Foreign Relations and press releases. Spending associated with those deals has totaled around $30 billion, and the portfolio spans more than 40 companies in semiconductors, quantum computing, metals, critical minerals, natural resources and energy. That portfolio includes a 35% stake in a company vying for Venezuelan oil.

The government’s largest semiconductor deal is an $8.9 billion equity investment in Intel. Intel sold a 9.9% stake to the government in August 2025, and a monthslong rally lifted the market value of those holdings to as high as $61 billion. A sharp selloff in recent weeks reduced the value to roughly $41 billion. The Wall Street Journal said the Intel surge was largely responsible for the portfolio sitting on gains of tens of billions of dollars.

The transactions extend beyond stock purchases. Many of the financial bets also include loans and supply agreements, often using bespoke structures that analysts said have untested legal authority. Some agreements extend the longstanding backing of international projects through the International Development Finance Corporation, and an accompanying agency breakdown listed two deals for that agency. The Wall Street Journal reported that the increasingly hands-on approach has drawn criticism from free-market proponents over government overreach.

The government has announced 14 semiconductor deals. In December, the administration announced a preliminary agreement to invest $150 million in xLight, a laser maker whose products support chipmaking, in exchange for government incentives from the Commerce Department. The deal was finalized in June.

The Commerce Department announced equity deals totaling $389 million last week for four chip companies: Helion, Commonwealth Fusion Systems, Vertical Semiconductor and Sibelco.

The Trump administration has struck at least 16 deals with companies in metals, critical minerals and natural resources, industries that supply materials for batteries and defense technology. Eight of those agreements include loans. The Defense Department provided Vulcan Elements with a $620 million loan and ReElement Technologies with an $80 million loan; both companies make products that include purified materials needed for magnets.

One of the largest metals and minerals deals is a $2.15 billion investment by the Defense Department and private investors in Korea Zinc. The agreement followed U.S. and South Korean concerns that China could restrict the countries’ access to important materials.

The government has also announced equity stakes in nine quantum-computing companies. Eight of the deals total at least $100 million each, though most have yet to close. The Wall Street Journal described quantum computing as a field with the potential to reshape cybersecurity and accelerate scientific research.

In June, Trump signed a pair of executive orders calling for the development of a quantum computer. The orders were intended to bolster digital defenses and transition the federal government to quantum-resistant security measures.

The largest quantum-computing commitment is $1 billion for IBM. IBM plans to spend an additional $1 billion of its own cash to create the country’s first quantum-chip-making facility.

For analysts and investors focused on Washington’s efforts in artificial intelligence, minerals and other strategically important industries, The Wall Street Journal said the holdings must be managed like any other portfolio. Jonathan Hillman, a senior fellow at the Council on Foreign Relations, said the holdings require active management. “That means tracking performance, rebalancing when needed, and optimizing returns, which shouldn’t be measured in dollars alone,” Hillman said. “The challenge is there are many dealmakers and no chief investment officer for Washington’s growing portfolio.”