Destiny Tech100 Inc (DXYZ) saw its shares soar 6.18% in Wednesday's intraday trading session, outperforming the broader market. The technology stock's rally came amidst a shake-up in policies impacting the tech sector following President Donald Trump's inauguration.
On his first day in office, Trump revoked 78 executive orders issued by his predecessor, including a mandate that required half of all new cars manufactured in the U.S. to be electric by 2030. This policy reversal sent shockwaves through the electric vehicle (EV) sector, with stocks like Tesla, Lucid, and Rivian declining sharply.
However, Trump's move was seen as a potential boost for traditional technology companies like Destiny Tech100. Analysts suggest that the absence of incentives and subsidies favoring EVs could level the playing field for other tech firms. Additionally, Trump's promised crackdown on Chinese imports could create opportunities for domestic tech companies by limiting competition from cheaper Chinese manufacturers.
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