The (https://www.cnbc.com/2026/05/21/quantum-stocks--us-taking-equity-stakes.html) with direct equity stakes is the cleanest tell that semiconductor capex is about to get even MORE competitive. This isn't venture capital — it's industrial policy. When Washington takes equity, it's saying: "We expect returns, which means we expect these companies to eventually scale." But scaling quantum from lab to production takes 5-10 years.