India, June 20 -- When President Donald Trump announced that Apple would work with Intel to design and manufacture chips in the United States, most investors viewed the development through a familiar lens.

Some saw it as an Apple story, reflecting the company's desire to diversify manufacturing beyond Taiwan Semiconductor Manufacturing Company (TSMC).

Others viewed it as an Intel story, offering potential validation for a company that has spent years attempting to rebuild its manufacturing leadership. While both interpretations have merit, they may miss a larger development that is unfolding across several strategic industries.

For decades, U.S. industrial policy generally relied on grants, tax incentives, loan guarantees, and research...