The US has created a stealth sovereign wealth fund. What comes next after Intel.

On Friday, Intel received 9.9% of the fighter chip manufacturer in exchange for a 9 billion dollar grant acceleration. In accordance with the 2022 chips and science law, other American companies who have won some of the $ 39 billion grants may be asked to give up the stock to get their money.

When Barron asks for a grant payment to the Grant Alan, the management of Barron, he did not immediately receive any response. These chip companies include Micron Technology, Texas Instruments, Applied Materials, Globalfoundies, Amkor Technology, Analog Devices, Consistent and Microcip Technology.

Trump National Economic Council Director Keven Hassett, CNBC said in a statement on Monday, “At some point, even if not in this sector, I am sure that more transactions will be done in other sectors,” he said.

There was already. Last month, the Pentagon agreed to pay $ 400 million for 15% of MP materials, the only domestic source of rare soil magnets. The government requested a “gold sharing ği on the actions that Nippon Steel could try at US Steel, as well as 15% of NVIDIA and advanced micro -devices chip sales in China.

Salar Ghahramani, a professor of labor law at the University of Penn State, said, “This is actually a dominant reserve fund,” he says. Countries such as Norway, Singapore and Qatar have dominant funds to deposit their extreme cash from oil revenues or trade surpluses.

However, Ghahramani said that instead of central funds managed by these countries, Trump management investments were made by a federation of different agencies. “It will be fascinating to see if these collected assets will be placed in a more traditional sovereign reserve fund.”

Shortly after Trump returned to the presidency, the White House issued a plan for a dominant reserve fund in February.

Bill Megginson, a finance professor at the University of Oklahoma Price College, says a US -dominated fund, “a very bad idea that may have come to time,” he says.

Unlike countries such as Megginson, Norway and Kuwait, the United States has a gap, not cash, but a deficit. America already has a talented venture capital industry and deep financial markets.

Nasıl How transparent this will be, ”he wonders about the US Egemen Fund. “And how politicized?” The precedent of the Republican administration may inspire a future democratic government to get into state ownership even more in -depth, and Meginson is concerned.

Intel’s 8 K file shows that the Ministry of Commerce’s agreement has not been completely disposed of. The government agreed to vote in accordance with the Board of Directors of Intel, but whether an action “the company or its subsidiaries will adversely affect its relationship with the US government”.

Analysts such as Bernstein, such as Stacy A. Rasgon, are worried that the government will object if Intel decides to return the struggling chip production factories – this may be what the company has to do.

Write to Bill Alpert at William.alpert@barrons.com