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Recently, the Trump administration has intensified its involvement in certain American companies, deploying capital participation strategies that have sparked intense market discussions regarding whether the United States has entered an era of industrial policy. Through measures like strategic shareholding, acquiring "golden shares," and revenue sharing, the government has injected capital into companies such as Intel, United States Steel, and NVIDIA. These interventions have bolstered the credit ratings of the concerned companies and mitigated tail risks, albeit potentially at the cost of diminished governance flexibility and constrained valuation potential. Should these policies continue to expand, they are anticipated to exert a more profound influence on asset pricing within the U.S. market.
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