Sou Hu Cai Jing·2025-09-01 00:42Group 1 - The article discusses the collapse of the "free market" myth in the U.S. due to government intervention and the rise of China's semiconductor industry during this upheaval, highlighting two contrasting development models and national strategies [1][19] - In August 2025, the U.S. government demanded Intel's CEO resign and initiated discussions for a transfer of nearly 10% of its shares, marking a shift towards a "subsidy for equity" model that spread to other semiconductor giants like Samsung and TSMC [2][4] - The U.S. government's unprecedented fiscal pressure, with a record $400 billion deficit and nearly $37.8 trillion in national debt, has led to the acquisition of equity in major tech firms as a means to stabilize market confidence [4][6] Group 2 - The "chip nationalization" strategy is significantly altering global supply chains, with companies like TSMC and Samsung facing demands to relinquish management rights and share profits from operations in China [8] - In contrast, China's semiconductor sector has thrived, with the A-share semiconductor index surging 24.6% since August, driven by a strong expectation for "self-controlled" chip enterprises and a shift in investor sentiment towards domestic technology [10][19] - China's financial system has demonstrated resilience against U.S. financial pressures, with measures such as increasing gold reserves and promoting the internationalization of the yuan, further reducing reliance on the U.S. dollar [13][15] Group 3 - The competition between the U.S. and China represents two distinct models: the U.S. opting for direct market intervention and equity acquisition, while China focuses on financial openness and policy support to enhance the autonomy and security of its financial system [17][19] - China's recent financial policies, including interest rate cuts and support for innovation, aim to stabilize the market and create a multi-layered capital ecosystem, potentially transforming its financial landscape [17][19]