Industrial Policy's Hidden Winners
Why the biggest returns from government technology spending rarely go to the obvious names.
The return of industrial policy is reshaping the geography of innovation. Subsidies, export credits, and procurement preferences are funneling hundreds of billions into clean technology, semiconductors, and advanced manufacturing.
The surprise is where the value is accruing. The largest beneficiaries are not always the headline recipients — the chip giants or battery unicorns — but the specialized equipment makers, materials suppliers, and engineering firms that sit one or two layers down the stack.
For readers tracking the innovation economy, the lesson is to look past the press release and follow the procurement contract. The hidden winners are the ones that make the winners possible.
