是说芯语·2025-08-20 23:17Core Viewpoint - The Trump administration is considering a plan to exchange shares for subsidies under the CHIPS Act, potentially acquiring stakes in major semiconductor companies like Intel, Micron, Samsung, and TSMC, raising concerns about the implications for market fundamentals [1][3]. Group 1: Share Exchange Plan - The "share-for-subsidy" plan involves the U.S. government potentially acquiring 10% of Intel's shares in exchange for subsidies approved under the CHIPS Act, which would make the government the largest shareholder of Intel [3]. - The government is also looking to acquire stakes in Samsung, Micron, and TSMC, which received $4.75 billion, $6.2 billion, and $6.6 billion in subsidies respectively, potentially leading to a form of "nationalization" of these companies [3][4]. - The White House describes this as an "innovative solution" prioritizing U.S. needs, but experts warn that government involvement in corporate operations could undermine the foundations of a free market [3]. Group 2: Government's Position and Actions - U.S. Commerce Secretary Gina Raimondo confirmed discussions with Intel regarding the share exchange, emphasizing that even if the government acquires shares, it will not gain voting rights or board seats [3]. - The government aims to convert grants from the Biden administration into equity under the Trump administration, claiming it is a way to secure returns for the American people without governance control [3]. - The majority of the subsidy funds for Samsung, Micron, and TSMC have yet to be disbursed, indicating that the government is still in the process of finalizing these arrangements [4].