ExecutiveOrdersEO
Notice 14105NoticeTrump 47 · R Quiet signal

Presidential Notice 14105

Continuation of the National Emergency With Respect to the Advancement by Countries of Concern in Sensitive Technologies and Products Critical for the Military, Intelligence, Surveillance, or Cyber-Enabled Capabilities of Such Countries

This notice continues for one year the national emergency declared in Executive Order 14105 (August 9, 2023) regarding outbound U.S. investment in sensitive technologies by "countries of concern." The continuation extends the emergency authority beyond its August 9, 2025 expiration date, maintaining the legal basis for investment screening and restrictions on semiconductors, quantum computing, and artificial intelligence sectors.

Federal Register Open PDF 90 FR 38601

Impact dates

  1. 11d ago

    New expiration date for continued national emergency

  2. Original emergency expiration date (avoided by continuation)

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

SemiconductorsTechnology & softwareCritical minerals

Mechanisms

Ban / prohibitionLicensing

Role pressure

  • ProtectiveDomestic producer — Maintains restrictions on capital and intangible benefits flowing to competitors in countries of concern
  • MixedImporter — Continued uncertainty about supply chain access to advanced chips and components from restricted entities
  • AdverseTrading-partner exporter — Countries of concern face sustained barriers to accessing U.S. investment and technical expertise

Geographies

USCNKRTWJPEU

Exposure dates

  • — New expiration date for continued national emergency

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

ALBAlbemarleGOOGLAlphabetAAPLAppleDQDaqo New EnergyFCXFreeport-McMoRanINTCIntelQQQInvesco QQQ TrustMETAMeta PlatformsMUMicron TechnologyMSFTMicrosoftMPMP MaterialsORCLOracleSPYSPDR S&P 500 ETFSQMSQMTSMTSMCVALEVale

Confidence: high · Policy alerts

Key directives

  • Continue national emergency declared in EO 14105 for 1 year beyond August 9, 2025
  • Publish notice in Federal Register
  • Transmit notice to Congress

Timeline

Immediate

  • National emergency authority continues without lapse; existing EO 14105 restrictions remain in force

Near term (90d)

  • Annual congressional notification completed; no new regulatory action required by this notice

Long term

  • Emergency authority extends to August 9, 2026, unless terminated or renewed again; Treasury Department maintains outbound investment program

Risks & tensions

  • Procedural continuation without policy expansion may signal status quo rather than escalation
  • Uncertainty about whether Treasury will expand covered technology sectors beyond semiconductors/quantum/AI
  • Potential tension with allies if unilateral U.S. restrictions diverge from EU/Japan outbound investment controls
Presidential Notice 14105: Continuation of the National Emergency With Respect to the Advancement by Countries of Concern in Sensitive Technologies and Products Critical for the Military, Intelligence, Surveillance, or Cyber-Enabled Capabilities of Such Countries · Executive Orders