The US version is self-sufficient and still buying like crazy.

"Trump is also pursuing 'self-sufficiency and control'" "Intel: The 'group-buying meal' of US tech stocks" We've written a few articles before introducing that, under the leadership of the Trump administration, the US has increased direct government equity investments in some key sectors. Last year, the focus was more on semiconductor manufacturing and critical minerals. As a result, we can see that, for example, in the semiconductor sector, Intel has begun to revive, with its stock price at least doubling multiple times. In the minerals sector, the government has also officially invested in several mining companies.

The pace of government investment hasn't stopped. Last week, the US Treasury invested in 9 quantum computing companies. Yesterday, there were reports that Trump is negotiating with some drone companies and will seek to inject capital into them.

Compared to the critical minerals and semiconductors Trump focused on last year, quantum computing and drones are relatively less important in priority. Furthermore, the current applications of drones and quantum computing aren't particularly evident (though the importance of drones in the Russia-Ukraine conflict has been fully demonstrated).

So this can also be understood as part of Trump's grand strategy, hoping to bet on a series of important strategic emerging industries so that the US doesn't miss this new wave of technological revolution. More importantly, the hope is that these companies will produce and manufacture in the US.

We cannot underestimate the medium to long-term impact of this move. My view is that a comprehensive manufacturing revival in the US is very difficult, but a localized revival, especially in cutting-edge technology manufacturing, is still possible. Moreover, it won't be accomplished by the US alone; it will rely more on the industrial supply chains of key allies like Japan and South Korea for assistance. This is a very important macro trend. We will continue to monitor the overall trend of US manufacturing revival and supply chain reconstruction in the future.

(Not investment advice)

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