AI's Path Is Being Shaped as Much by Washington as Silicon Valley

Research evidence excerpt

AI's Path Is Being Shaped as Much by Washington as Silicon Valley

Global | Washington Strategy June 9, 2026

Exhibit 1 - Equity-stake announcementsAI's Path Is Being Shaped as Much by

have been broadly positive for share prices,

particularly in the near term.Washington as Silicon Valley Company Equity Stake Announcement Price Performance Since

Intel (INTC) 22-Aug-25 322.0%

AI is fast becoming a focal point of the growing government role in strategic MPTrilogyMaterialsMetals(MP)(TMQ) 10-Jul-256-Oct-25 97.1%83.7%

sectors we have highlighted, as shown by OpenAI's equity-stake talks with the InfleqtionIBM (IBM) (INFQ) 21-May-2621-May-26 30.2%26.6%

D-Wave Quantum (QBTS) 21-May-26 23.6%

Rigetti Computing (RGTI) 21-May-26 22.5%White House. Near term, government involvement can support equity prices GlobalFoundries (GFS) 21-May-26 6.7%

but may induce volatility as political constraints slow AI development and VulcanUSA RareElementsEarth (USAR)(VMC) 26-Jan-263-Nov-25 -2.3%-9.3%

Korea Zinc (010130-KR) 15-Dec-25 -18.8%

Lithium Americas (LAC) 1-Oct-25 -20.7%adoption. In the medium term, stable political environments should be a net Diraq 21-May-26 -

positive for AI equities given the technology's transformative potential. AtomPsiQuantumComputing 21-May-2621-May-26 --

. xLight 1-Dec-25 -

Source: FactSet; Jefferies.

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1) Taking a public equity stake in AI companies is drawing rare bipartisan support. CEO Sam