Washington has shifted from subsidizing firms to owning shares in them. The clearest signal came with the federal government’s roughly 10% stake in Intel. That position grew out of CHIPS Act funding tied to equity, options, and restrictions on how Intel can spend its money.
A second sign is the “golden share” in the U.S. Steel–Nippon Steel deal. That single share gives Washington veto power over key corporate decisions. It’s not nationalization, but it is direct control inside a public company. Both moves break new ground in America and both carry risks.
Read Full Article »
