Trump is picking national champions. These companies are attractive targets, Evercore ISI says

Evercore ISI says U.S. economic policy is shifting toward 'state capitalism' as the Trump administration takes equity stakes this year in firms including MP Materials, Lithium Americas, Intel and Trilogy Metals and is moving into nuclear via Westinghouse, using such deals as major catalysts for stock performance; Evercore’s Julian Emanuel warns the chosen companies could become 'national champions' deeply intertwined with the state. Using a proprietary AI screen, Evercore identified Centrus Energy, Albemarle, Wolfspeed, Amkor and Ioneer as top candidates for future government deals based on strategic alignment, supply‑chain importance and existing government ties. Market impact is already visible—Centrus has more than tripled YTD, Wolfspeed is up ~170%, Albemarle ~30%, Amkor ~20% and Ioneer ~11%—and the strategy signals a concerted effort to secure critical‑mineral, semiconductor and nuclear supply chains that will reshape industry winners, government support dynamics and related investment risks and opportunities.

Analysis

Evercore ISI identifies a tactical shift toward state capitalism as the Trump administration has taken equity stakes this year in publicly traded firms including MP Materials, Lithium Americas, Intel and Trilogy Metals and has moved into nuclear via a deal with Westinghouse; Evercore notes these interventions have been major catalysts for the affected stocks. Julian Emanuel warns the select firms may become "National Champions," deeply intertwined with the state and positioned to receive favorable support to safeguard national economic and security interests, a view reflected in a bullish sentiment_score of 0.65 and market_impact_score of 0.55.

Evercore used a proprietary AI screen of thousands of companies and flagged Centrus Energy, Albemarle, Wolfspeed, Amkor and Ioneer as top candidates based on alignment with administration priorities, supply‑chain relevance, market position and financial health; all five have existing government relationships that the White House has used as leverage. Market reaction is visible: Centrus has more than tripled YTD, Wolfspeed is up ~170%, Albemarle >30%, Amkor ~20% and Ioneer >11%, underscoring the re‑rating potential when formal government support is announced.

The policy emphasis on critical minerals, semiconductors and nuclear implies both upside for firms that secure formal government support and concentrated political/policy exposure if priorities shift; forthcoming deal announcements and deal structure will be primary re‑rating events and should be monitored closely to assess sustainable cash‑flow and valuation impacts.

Key Decisions for Investors

• Consider selective exposure to Evercore's identified candidates (Centrus, Albemarle, Wolfspeed, Amkor, Ioneer) given their elevated probability of government support, but size positions conservatively to limit political and policy concentration risk
• Monitor official government announcements and deal terms closely—equity stakes, contracts or financing commitments have been the primary catalysts and should serve as triggers to materially re‑rate positions
• Hedge or reduce exposure to peers in critical supply chains that lack clear government ties, as state‑favored firms may receive preferential contracting, financing or regulatory accommodation
• Maintain a watch list with explicit trigger points (deal confirmation, funding terms, regulatory approvals) and update valuation models promptly when the administration expands support into nuclear or other strategic sectors