I agree with your overall argument, but I would suggest that firms under political control can and do donate to the opposition party (assuming elections are still held). Look at the political lobbying disclosures of utility companies, for example.
Replies
Applying pre-Trump patterns of behavior to the current situation is unwise, in my view. Whatever political influence there might have been over utility companies, we’re talking about something completely different now.
sep 3, 2025, 9:42 am • 1 0 • view
That’s fair. My view from inside a large US company is that the vibe is still watchful waiting. No major changes on the horizon. Trade associations might be another matter, but that eventually trickles down because of still-market ESG demands for political transparency.
sep 3, 2025, 9:49 am • 0 0 • view
I bet you that not a lot of money will be coming to Democrats from Intel, US Steel, Nvidia, etc. etc.
sep 3, 2025, 3:41 pm • 0 0 • view
US Steel is an odd one. The golden share appears to die with the Trump presidency, so their long-term incentives haven’t changed. Intel and NVIDIA are headquartered/have significant ops in California. Unless that changes, they, too, will continue to have an incentive to donate to Democrats.
sep 3, 2025, 5:22 pm • 0 0 • view