The battle to dominate industrial technology is ramping up, as government intervention in economies becomes far more prevalent. Investors— once enamoured of asset-light firms and high returns—had better be prepared to put in billions of dollars towards this, or risk being crowded out. This isn’t just a reaction to the fallout from Russia’s war in Ukraine and geopolitical tensions between the US and China. The past two years of goods shortages and labour shocks have exposed weak and clunky supply chains across the globe. To ensure we don’t end up there again, governments in the West and elsewhere are bolstering...