The Pragmatic Shift: How Trump's 2024 Campaign is Shaping the Future of Technology and Energy | Moomoo Research

In the 2024 campaign stage, Donald Trump has exhibited a different demeanor than in the past. Unlike the aggressive rhetoric of his previous campaigns, this time he appears more cautious and pragmatic, especially in the field of technology. From information technology to cryptocurrency, from semiconductor supply chains to energy transition, Trump shows an unprecedented balanced stance. He not only embraces the innovative power of information technology but also supports traditional energy without strongly opposing the development of renewable energy. However, he remains somewhat skeptical about the scientific basis of "global warming." So, what strategic considerations are hidden behind these policy changes? And how will they influence the development prospects of related industries?

In a 2021 Fox News interview, Trump expressed skepticism about Bitcoin, believing it could threaten the global dominance of the US dollar. However, at the recent 2024 Bitcoin Conference in Nashville, his stance significantly shifted, promising to make the United States a global hub for cryptocurrency and to maintain government reserves of Bitcoin as part of a national strategic stockpile.
In his Agenda 47, he proposed eliminating unreasonable restrictions imposed by the Democratic Party on the cryptocurrency industry, protecting the freedom to mine Bitcoin, ensuring citizens' autonomy over digital assets, and allowing transactions outside government surveillance. This shift undoubtedly brings new investment opportunities to the cryptocurrency and related technology sectors.
Despite many tech companies historically supporting the Democratic Party, the pressure of antitrust regulation has brought Silicon Valley closer to Trump. For example, Elon Musk's public support and funding for Trump's campaign, and Trump's choice of Vance as vice president, highlight the importance of Silicon Valley investment relationships.

In sharp contrast to his laissez-faire attitude towards Bitcoin and other information technologies, Trump is more focused on the independence and security of the US chip supply chain. During his administration, Trump worked with companies like Intel and TSMC to promote the establishment of new chip manufacturing facilities in the US, aiming to reduce reliance on critical technology supplies from Asia.
Trump has pointed out that Taiwan has almost taken over all of America's chip business and expressed dissatisfaction with TSMC receiving subsidies to build plants in the US. During his first term, to protect American semiconductor technology, the Trump administration began implementing export control measures on chips in 2019.
If Trump is re-elected, it is very likely that he will continue to enforce strict export control measures, promoting the repatriation of semiconductor manufacturing to the US to achieve the policy goal of "maintaining US leadership in the semiconductor field."

Trump is not a staunch opponent of renewable energy. On his campaign website, he emphasized the record highs of US renewable energy production and consumption in 2019. Trump adopts a pragmatic stance in the energy sector, emphasizing energy independence and lowering energy prices:

Supporting the market-driven development of energy sources including coal, oil, natural gas, nuclear, and hydroelectric power.

Maintaining a positive attitude towards the development of nuclear energy.

Holding a skeptical view on the output efficiency of wind and solar energy, suggesting that efficiency is low and proposing to halt offshore wind power projects if elected.
Trump advocates for enhancing US energy autonomy, aiming to lower energy prices below the lowest levels achieved during his first term. He plans to lift restrictions on oil and gas exploration and leasing on federal land, simplify approval processes, and accelerate the construction of projects like natural gas pipelines to increase oil and gas production.

In the climate domain, Trump continues to question the scientific basis of "global warming," suggesting that climate change issues may be influenced by political factors and lack scientific neutrality. He advocates relying more on incentivizing innovation and technological progress to address environmental issues rather than mandatory policies. In 2019, the Trump administration announced the withdrawal from the Paris Climate Agreement, and if re-elected, he may again lead the US to exit the United Nations Framework Convention on Climate Change.

In summary, Trump exhibits a pragmatic yet forward-looking technological policy vision. He not only promotes openness and inclusivity in the cryptocurrency sector but also strives to strengthen America's leadership in the global semiconductor industry and seeks balance through pragmatic energy policies. These measures reflect not only recognition of the potential of emerging technologies but also strategic considerations for the long-term national interest.

We believe that "In an era of transformation, the most valuable resources are not gold and silver, but innovative ideas and technological advancements."