特朗普政府持股组合横跨逾 40 家公司 大量投资量子计算。持有一家争夺委内瑞拉石油公司的 35% 股份。上周宣布了四笔半导体和能源领域的股权交易。
See the Trump administration stock portfolio that spans more than 40 companies A slew of quantum-computing investments. A 35% stake in a firm vying for Venezuelan oil. Four equity deals in semiconductors and energy announced last week.
特朗普政府正以前所未有的速度抢购私营公司股份。自特朗普总统第二任期开始以来，美国政府已宣布 43 笔涉及股权所有权或日后可换股的认股权证交易。
The Trump administration is snapping up stakes in private companies at an unprecedented pace. Since the start of President Trump’s second term, the U.S. government has announced 43 deals involving stock ownership or warrants that may be swapped for equity at a later date.
据外交关系协会统计，这波购买潮总额约 300 亿美元。得益于英特尔股价大涨——这家芯片制造商于 2025 年 8 月向政府出售了 9.9% 股份——美国的股票组合账面浮盈达数百亿美元。
The spending spree has totaled around $30 billion, according to the Council on Foreign Relations. And thanks largely to a surge in the stock price in Intel, the chip maker that sold a 9.9% stake to the government in August 2025, America’s stock portfolio is sitting on gains of tens of billions of dollars.
许多金融押注还包含贷款和供应协议，往往采用定制结构，分析人士称其法律授权未经检验。虽然部分交易延续了通过美国国际开发金融公司对国际项目的长期支持，但这种日益亲力亲为的做法招致自由市场支持者对政府越权的批评。
Many of the financial bets also include loans and supply agreements, often employing bespoke structures that analysts say have untested legal authority. While some deals extend longstanding backing of international projects through the International Development Finance Corporation, the increasingly hands-on approach has drawn criticism from free-market proponents of government overreach.
对于关注华盛顿强化人工智能、矿产等关乎美国全球影响力的关键产业的分析师和投资者而言，这些持仓代表了一个必须像管理其他投资组合一样进行管理的组合。
For analysts and investors interested in Washington bolstering artificial intelligence, minerals and other industries key to America’s global clout, the holdings represent a portfolio that must be managed like any other.
外交关系协会高级研究员乔纳森·希尔曼表示：“这意味着要跟踪表现、在需要时再平衡、优化回报，而回报不应仅以美元衡量。挑战在于有许多交易缔造者，却没有华盛顿日益壮大的投资组合的首席投资官。”以下是交易细分情况：芯片 半导体是人工智能竞赛的基石。在政府宣布的14笔该行业交易中，对英特尔89亿美元的股权投资是迄今为止规模最大的一笔。
“That means tracking performance, rebalancing when needed, and optimizing returns, which shouldn’t be measured in dollars alone,” said Jonathan Hillman, a senior fellow at the Council on Foreign Relations. “The challenge is there are many dealmakers and no chief investment officer for Washington’s growing portfolio.”Here’s how the deals break down: Chips Semiconductors are the building blocks of the AI race. Of the government’s 14 announced deals in the sector, its $8.9 billion equity investment in Intel is by far the largest.
这家美国芯片制造巨头的股价经历了长达数月的上涨，推动这些持股的市值一度高达610亿美元，但最近几周的大幅抛售将政府持股拖累至约410亿美元。
A monthslong rally in the American chip-making giant’s shares pushed the market value of those holdings to as high as $61 billion, but a sharp selloff in recent weeks dragged the government’s stake to roughly $41 billion.
12月，政府宣布了一项初步协议，拟向xLight投资1.5亿美元，这家激光器制造商的产品支持芯片制造。作为交换，商务部同意给予政府激励。该交易于6月最终敲定。
In December, the government announced a preliminary agreement to invest in xLight, a laser maker whose products support chip-making, worth $150 million. In exchange, the Commerce Department agreed to give government incentives. The deal was finalized in June.
上周，商务部宣布了总额3.89亿美元的股权交易，为四家芯片公司提供资金：Helion、Commonwealth Fusion Systems、Vertical Semiconductor和Sibelco。
Last week, Commerce announced equity deals totaling $389 million in funding for four chip companies: Helion, Commonwealth Fusion Systems, Vertical Semiconductor and Sibelco.
材料 美国已与金属、关键矿产和自然资源领域的公司达成了至少16笔交易，这些领域是从电池到国防技术等一切领域的关键供应商。
Materials The U.S. has struck at least 16 deals with companies in metals, critical minerals and natural resources, key suppliers for everything from batteries to defense technology.
其中八项协议包含贷款。Vulcan Elements和ReElement Technologies的产品包括磁体所需的提纯材料，两家公司分别获得了国防部6.2亿美元和8000万美元的贷款。
Eight of these agreements include loans. Vulcan Elements and ReElement Technologies, whose products include purified materials needed for magnets, received Defense Department loans of $620 million and $80 million, respectively.
最大的交易之一包括国防部与私人投资者一起对韩国锌业公司进行的21.5亿美元投资。这笔交易源于美国和韩国对于中国——一个采矿和关键矿产超级大国——可能限制两国获取重要材料的担忧。
Among the largest deals is a $2.15 billion investment from the Defense Department, alongside private investors, in Korea Zinc. The deal stemmed from U.S. and South Korean concerns that China—a mining and critical-minerals superpower—could restrict the countries’ access to important materials.
量子 特朗普政府对新兴的量子计算领域产生了兴趣，该领域有潜力颠覆网络安全并大幅推动科学研究。政府已宣布在九家公司持有股权，其中八笔交易每笔投资至少1亿美元，不过大多数尚未完成。
Quantum The Trump administration has taken an interest in the nascent field of quantum computing, which has the potential to upend cybersecurity and turbocharge scientific research. The government has announced equity stakes in nine companies, with eight deals totaling at least $100 million of investment apiece, though most have yet to close.
今年6月，特朗普签署了两项行政命令，要求研发量子计算机，以加强数字防御，并推动联邦政府过渡到抗量子安全措施。
In June, Trump signed a pair of executive orders calling for the development of a quantum computer, a bid to bolster digital defenses and transition the federal government to quantum-resistant security measures.
政府达成的最大一笔交易是对IBM的10亿美元承诺。这家科技巨头计划再自掏10亿美元，在国内建立首个量子芯片制造工厂。
The largest of the government’s deals was a $1 billion commitment to IBM. The tech stalwart plans to spend an additional billion dollars of its own cash to create the first quantum-chip-making facility in the country.