The Trump administration has expanded federal equity positions in dozens of companies since early 2025, converting CHIPS Act awards, Defense Department support, and other financing into minority stakes, warrants, or similar instruments to strengthen domestic supply chains in semiconductors, critical minerals, quantum technologies, and defense manufacturing. Commerce and Pentagon actions account for most of the roughly $21–30 billion in announced commitments across more than 40 firms, with Intel representing the largest single holding. Recent activity includes conditional or letter-of-intent deals for drone maker Neros and several quantum and fusion entities in late October and early November 2026. Trader probabilities reflect expectations that this pattern will continue through year-end 2026, particularly for firms already in the policy pipeline, while resolution depends on official announcements or binding agreements before December 31.