CHIPS Nationalization Lite

Commerce proposes equity-for-subsidy stakes in Intel, TSMC, Samsung, and Micron under the CHIPS Act, shifting industrial policy toward partial state ownership. This blurs regulator–owner roles and sets a template for future subsidies. — Partial state ownership in strategic sectors redefines U.S. corporate governance, politicizes risk/reward allocation, and creates precedent for expanding government shareholder power in the name of security.