U.S. economic policy has shifted toward state capitalism, with the Trump administration investing in publicly-traded companies in strategic industries, according to Evercore ISI. The White House has already taken equity stakes in MP Materials , Lithium Americas , Intel and Canada's Trilogy Metals this year, a departure from past practice, when such interventions were confined to only limited periods of crisis. This year's government deals have proven major catalysts for the stocks. The deals between government and industry have so far focused on the critical mineral and semiconductor industries. But the White House is now eyeing nuclear energy too, through a recent deal with Westinghouse , and potentially other sectors as it aims to secure strategic supply chains, according to the Evercore ISI analysts. "The chosen companies may ultimately come to represent America's new 'National Champions,'" analysts led by Julian Emanuel told clients in a Sunday note. Such companies become "deeply intertwined with the state and receive favorable government support to safeguard and advance national economic and security interests," said Emanuel, the firm's head of equity, derivatives and quantitative strategy. Evercore used a proprietary AI tool to screen thousands of companies across strategic industries to identify those that are highly exposed to potential government deals. Criteria included alignment with the administration's strategic priorities, supply chain relevance, market position and the company's overall financial health. Uranium enricher Centrus Energy , lithium miner Albemarle , semiconductor companies Wolfspeed and Amkor and Australian critical minerals firm Ioneer are the top candidates for future deals, according to Evercore's analysis. All have pre-existing financial relationships with the government, leverage that the White House has used to seal past deals. LEU YTD mountain Centrus Energy shares in 2025 Centrus is a crucial player in the U.S. nuclear fuel supply chain, which will need to expand to support Trump's push to rapidly boost nuclear power. Albemarle operates the only lithium brine extraction site in the nation and, together with allies in Australia and Chile, can help the U.S. reduce its dependence on refining of the critical mineral in China. Ioneer, itself Australian but also traded in the U.S., is developing a lithium and boron mine in Nevada that would strengthen the domestic supply chain. Wolfspeed provides silicon carbide and gallium nitride materials critical for the development of quantum computing. Amkor packages and tests semiconductors and can help make the U.S. less reliant on Taiwan and China for such services. Centrus has soared more than tripled this year, Wolfspeed has surged about 170%, Albemarle is ahead more than 30%, Amkor by 20% and Ioneer has risen more than 11%.
