(Muhammed Selim Korkutata/Getty Images)

Trump signs order to create the first US sovereign wealth fund, eyes TikTok acquisition

On Monday, President Trump signed an executive order to create the first US sovereign wealth fund.

2/3/25 5:06PM

On Monday, President Trump signed an executive order to create the first US sovereign wealth fund. The investment initiative, which is expected to launch in the next 12 months, will be led by the US Treasury Secretary Scott Bessent and Howard Lutnick, who has been nominated to serve as commerce secretary. While details on how the fund will operate are still unclear, Trump has previously suggested using tariffs to help finance some of it and floated the idea of using such a vehicle to be part of a TikTok acquisition.

“The extraordinary size and scale of the US government and the business it does with companies... should create value for American citizens,” Bessent said. “If we are going to buy 2 billion Covid vaccines, maybe we should have some warrants and some equity in these companies and have that grow for the help of the American people.”

To that end, Brad Setser, senior fellow at the Council on Foreign Relations, noted that if the US government received stock or warrants from its 2010 loan to Tesla, the ensuing proceeds could have served as a big capital base for a sovereign wealth fund.

Typically, sovereign wealth funds are established by countries to invest surplus income — often from oil exports or trade surpluses — into financial assets like stocks and real estate, which can build a financial nest egg and offer some diversification in wealth away from the pockets of export strength that help provide the capital for these funds. The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global, is valued at over $1.3 trillion, followed by Saudi Arabia’s Public Investment Fund at $925 billion.

This isn’t the first time the US has floated the idea of a sovereign wealth fund, but the country’s $1.8 trillion budget deficit and mounting national debt could create some hurdles in capitalizing it, or suggest that the privatization of other assets would be a part of such a development.

Jon Keegan22h

Maine is the first to pass a statewide ban on large data centers

The tide is turning against big AI data centers.

In addition to many cities and towns that have passed outright bans on data centers, lawmakers in at least 11 states have introduced legislation to pause their construction, citing the need to carefully study power and water usage of the facilities.

But Maine just became the first state to successfully pass a ban on large data centers. If Maine Governor Janet Mills signs the bill into law, new data centers that draw more than 20 gigawatts of power would be banned until late 2027, and the state would set up a mechanism to study the impact of data center energy usage.

Last month, a federal bill was introduced to block new data centers until AI regulation has been passed. The issue has been getting more attention in this election year, as voters in data center hubs like Virginia have soured on the facilities.

Look at the crumbling support among Virginians (America's first data center hot spot) for data centers:

Maine lawmakers pass nation’s first statewide ban on large data centers

Look at the crumbling support among Virginians (America's first data center hot spot) for data centers:

Jon Keegan3/25/26

Trump pulls tech execs even closer, adding Zuckerberg, Huang, Ellison, and others to tech council

President Trump has had a close relationship with America’s biggest tech leaders. They have flown across the world for investment announcements, attended intimate dinners at the White House, donned tuxedos and white ties for royal banquets, and have been known to bring golden gifts to him in the Oval Office.

Today he brings them in even closer. The White House announced that Nvidia CEO Jensen Huang, Meta CEO Mark Zuckerberg, and close pal and Oracle cofounder Larry Ellison will join a new President’s Council of Advisors on Science and Technology, along with 10 other tech leaders including Dell founder Michael Dell and Google cofounder Sergey Brin.

According to the White House, the group will “focus on topics related to the opportunities and challenges that emerging technologies present to the American workforce, and ensuring all Americans thrive in the Golden Age of Innovation.”

The full list of appointees:

Trump Names Mark Zuckerberg, Larry Ellison, and Jensen Huang to Tech Panel

The full list of appointees:

Saleah Blancaflor3/16/26

Prediction markets show a tight (and tightening) Illinois Democratic Senate primary

It’s primary election time in Illinois, and as voters in the state head to the polls on March 17, there are a few races to watch closely across both parties.

While polls show that Darren Bailey is leading in the Republican race for governor, the primary election for a rare seat in the Democratic Senate to replace Sen. Dick Durbin is proving to be a tight one.

At the top of the 10-candidate race are Raja Krishnamoorthi, Lt. Gov. Juliana Stratton, and Robin Kelly. Krishnamoorthi, a lawmaker from Chicago’s 8th Congressional District, was an early front-runner, received funding and support from several Congress members for the seat. Kelly, who represented the South Side’s 2nd Congressional District, has support from the Congressional Black Caucus and South Carolina Rep. Jim Clyburn. Meanwhile, Stratton has been endorsed by Gov. JB Pritzker, whose administration she used to work for, as well as Sen. Elizabeth Warren.

While polls suggested that Krishnamoorthi was favored to win, Stratton has seen a boost and late surge, though Krishnamoorthi still remains close behind. Capitol News Illinois reports that Illinois Future PAC, funded by Pritzker, has spent more than $10 million on ads elevating Stratton. Meanwhile, two PACs affiliated with the crypto industry have attempted to attack Stratton and promote Kelly. Indian American Impact, which endorsed Krishnamoorthi, reportedly employed similar tactics against Stratton.

Political insiders tell Capitol News Illinois the race could go either way, but they still expect Krishnamoorthi to come out on top. Prediction markets currently show that Stratton narrowly leading Krishnamoorthi.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Jon Keegan

3/11/26

Group of retired senior military officers and Microsoft file briefs supporting Anthropic in lawsuit

Anthropic sues the US government

In response to the Pentagon’s unprecedented, punitive determination that Anthropic is a national security supply chain risk, the AI startup has sued the US government.

Jon Keegan3/9/26