It would take $2 trillion to bring US manufacturing and defense capacity back to its 2000s share of the economy.

Manufacturing has slid from 28% of GDP in the 1950s to 9% now. Analysts at Apollo are telling clients to own the rebuild: energy, semis, defense, rare earths and factory automation.

The capex winners are already this year's leaders.

Top 100 US industrials, YTD return:

🔋 Bloom Energy +211% $BE
🔧 Comfort Systems +70% $FIX
🔩 ATI +65% $ATI
🛣️ Sterling Infrastructure +58% $STRL
🔌 Vertiv +48% $VRT
🏗️ Quanta Services +47% $PWR
🚜 Deere +45% $DE