Nvidia Gains, Hospitals Hurt: Congress Winners and Losers

Digital Assets - Digital assets companies have made progress with the passage of a light-touch regulatory law for dollar-pegged stablecoins, facilitating broader use of the technology in everyday finance [1] - The crypto industry is pushing for a comprehensive rewrite of securities and commodities laws to establish favorable regulations for cryptoassets, supported by a $263 million campaign war chest amassed in super-PACs [1] Energy Sector - Energy companies have secured a tax break exceeding $1 billion for oil and gas producers as part of the Trump tax package, allowing deductions for certain drilling costs under a 15% corporate alternative minimum tax [2] Private Equity - Congressional Republicans resisted President Trump's initial demands to raise taxes on carried interest, preserving a tax break favored by private equity, while also achieving an expanded interest expensing tax break [3] Technology Sector - America's most valuable company, Nvidia, successfully countered efforts by Republican China hawks to prioritize US companies for its products, aided by CEO Jensen Huang's lobbying in Congress and the White House [4] Healthcare and Renewable Energy - The healthcare sector, along with renewable energy companies, faced legislative challenges, while chipmakers and drug companies managed to avoid significant congressional interventions [5] Tax Cuts and Corporate Benefits - The Republican-controlled Congress has been favorable to corporate America, highlighted by a $4 trillion tax cut package that extended and added generous breaks for businesses [6] - Drug companies largely blocked legislative efforts aimed at controlling their prices, despite Trump's rhetoric on requiring price cuts [6] Defense Industry - The defense industry successfully increased the Pentagon budget by $150 billion as part of Trump's tax and spending package, with notable beneficiaries including Anduril Industries, Palantir Technologies, and Boeing [9] Financial Sector - The passage of stablecoin legislation poses a threat to the banking sector's dominance in the payments system, although bankers managed to block legislation aimed at reducing credit card swipe fees [16] Casinos - Professional gamblers are now limited to deducting only 90% of their losses against winnings under the new tax bill, prompting major casino companies to seek repeal of this provision [17] Airlines - Airlines incurred significant losses during the longest government shutdown, with Delta Air Lines estimating a $200 million revenue hit [18] Importers - Retailers and importers affected by Trump's tariffs received minimal support from lawmakers, as Republicans largely refrained from intervening in trade issues [20]