The Trump administration’s equity stake in Intel (INTC) marks a turning point in U.S. industrial policy. Unlike past subsidies, this is ownership: 433.3 million shares purchased at $20.47 each, giving Washington a 9.9% stake in America’s only leading-edge chipmaker.
The bigger lesson is that the Intel stake is not an anomaly. It signals a new playbook: whenever a company sits at a chokepoint, lacks the financial scale to compete and matters for both security and economics, do nothing is not the base case. Washington now has equity, procurement and tariff levers it is willing to use. That changes the distribution of likely outcomes across the industry.
Other potential candidates stand out.
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