While everyone is focused on AI capex as a big driver of industrial activity, behind the curtain the U.S. govt is shepherding upwards of $90B a year into strategic sectors like critical minerals and rare earths, energy production buildout, refining and processing capacity, drone manufacturing, etc. Plus even more in financing capacity that is still undeployed. Some of it began with Biden via Chips Act and other measures, and Trump 2 has continued, shifting some of the state's investing priorities but very much carrying the torch forward. We're not just in an AI race, we're in a full on industrial boom.