Good morning, investors. Some time ago, a portfolio manager told me he likes to buy whatever the government is investing in. At the time he was encouraging me to pay attention to policy decisions and how they impacted markets.

But today his advice is starting to look like a more explicit investment strategy.

President Trump is steering the White House into the unusual territory of an investment firm. 

The administration revealed a 10% stake in Trilogy Metals that sent the stock price for the tiny Canadian mining company up nearly 300% over the last 48 hours.

It’s the latest in a string of bets that underscore America's shift away from regulation and toward ownership.

Over the last few months, the US government has also taken positions in Intel, MP Materials, and Lithium Americas. 

Alongside Trilogy Metals, each of those companies operate at the heart of the semiconductor and critical minerals supply chains that are powering the artificial intelligence boom. 

The approach marks a departure from the previous administration's inkling for tax incentives, subsidies and regulations and instead mirrors something like a venture-capital strategy. 

The share prices for these four companies have skyrocketed in kind.

To be clear, the White House isn’t necessarily picking industry-leading companies.

But because the White House picks them, investors are repositioning as if these names will emerge as winning bets.

The four picks so far reflect the administration’s focus on the energy and materials needed to compete in the AI race, though some commentators have compared the entire strategy to that of China’s state-backed markets model. 

As part of the Trilogy Metals deal, President Trump also approved a permit for a mining road in northwest Alaska, which the administration believes will unlock “the minerals we need to win the AI arms race against China,” according to Interior Secretary Doug Burgum. 

In any case, the consequences aren’t yet clear as to the long-term effects of the government participating in the market it’s supposed to oversee.

Yet while the line between national security and financial interests have blurred, that hasn’t discouraged investors. 

Now, is it really so surprising that a White House endorsement would move stocks this much? The returns have become impossible to ignore. 

If you bought shares of Intel the day before the government announced its stake in August, for example, you would have doubled your money by now. 

It’s possible the administration will still expand its portfolio across the energy and defense sectors, which opens up more lanes to speculate which company could see the next triple-digit surge.

For some opportunistic investors, the easiest new strategy this year may just be “buy what the White House buys.”

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🚀 Gold hit $4,000 for the first time. The record run for the metal comes as economic uncertainty creeps higher, the debasement trade gains momentum, and bitcoin rallies toward its own record highs. Gold is up 48% in 2025. (WSJ)

📊There’s a new crypto index on Wall Street. S&P Dow Jones Indices launched the S&P Digital Markets 50, which combines 15 cryptocurrencies and 35 crypto-related stocks in a single benchmark. (Barron’s)

📈 Oracle stock fell 5%. A report from The Information raised questions about its plans to buy billions of Nvidia chips to rent as a cloud provider to clients like OpenAI, and Oracle’s margins in that vertical may be much slimmer than realized. (CNBC)

🏦 Fed Governor Stephen Miran remains optimistic. He believes the neutral rate of monetary policy has decreased, making the current interest rate level too high. Too-tight rates in his view presents a key risk to the economy. (Barron’s)

📰 I’m Phil Rosen, co-founder of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

I write our flagship newsletter to prepare you for each trading day — unpacking markets, economic data and Wall Street with analysis you won’t find anywhere else.

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