For investors, a government stake has become a recurring catalyst in chips, critical minerals and quantum computing. Announcements have tended to support the share prices of the companies involved, and they add a policy premium to those sectors. The Intel swing shows the flip side: government holdings are as exposed to market volatility as any investor’s. The concentration in Intel also leaves the portfolio’s headline gains sensitive to a single stock. The untested legal footing of some deal structures is a risk worth watching, since any legal challenge could unsettle the companies involved. The Venezuelan oil stake is a small but notable link between the portfolio and energy policy.Washington now runs a stock portfolio worth tens of billions without anyone formally in charge of it, and like any investor, it is learning that Intel shares can go down as well as up.Summary:The US government has announced 43 deals involving equity stakes or warrants since the start of Trump’s second term, totalling around $30 billionIntel is the largest holding: around $9 billion invested, peaking at $61 billion in value before falling to roughly $41 billionThere are 14 chip deals, at least 16 in metals and minerals, and nine stakes in quantum computing firmsNotable deals include around $2.2 billion for Korea Zinc and a $1 billion commitment to IBM’s quantum chip facilityAnalysts say some bespoke deal structures rest on untested legal authority, and free-market advocates have criticised government overreachThe Trump administration has built up equity stakes in more than 40 companies since the start of the president’s second term, assembling a government stock portfolio spanning chipmakers, miners and quantum computing firms at an unprecedented pace, the Wall Street Journal (gated) reported.The US government has announced 43 deals involving stock ownership or warrants that can later be converted into equity, with total spending of around $30 billion, according to the Council on Foreign Relations. Largely thanks to a rally in Intel shares, the portfolio is sitting on gains of tens of billions of dollars.Semiconductors account for 14 of the deals, and Intel is by far the largest. The government invested around $9 billion for a 9.9% stake in August 2025. A months-long rally lifted the value of that holding to as much as $61 billion, though a sharp selloff in recent weeks has cut it to roughly $41 billion. Other chip-related deals include a $150 million investment in laser maker xLight, finalised in June, and around $390 million in equity funding for four companies announced by the Commerce Department last week.Metals, critical minerals and natural resources make up at least 16 deals, eight of which include loans. Among the largest is a Defense Department investment of around $2.2 billion, alongside private investors, in Korea Zinc, driven by US and South Korean concerns that China could restrict access to key materials.The government has also announced stakes in nine quantum computing companies, though most deals have yet to close. The largest is a $1 billion commitment to IBM, which plans to spend a further $1 billion of its own to build the country’s first quantum chip-making facility. The portfolio also includes a 35% stake in a company seeking access to Venezuelan oil.Many of the deals come with loans or supply agreements and use bespoke structures that, according to analysts, rest on untested legal authority. The more hands-on approach has drawn criticism from free-market advocates concerned about government overreach, while supporters see it as a way to strengthen industries central to US strategic competition. A Council on Foreign Relations fellow said the holdings should be managed like any portfolio, but noted that Washington has many dealmakers and no chief investment officer.As the portfolio grows, how it is governed, and whether returns are judged in strategic or financial terms, is likely to become a bigger question for investors in the companies involved. This article was written by Eamonn Sheridan at investinglive.com.