2025.08. 29 本文字数：1897，阅读时长大约4分钟 作者 | 第 一财经 高 雅 当地时间8月29日，英特尔首席财务官（CFO）津斯纳（David Zinsner）表示，特朗普政府对英特 尔的投资旨在阻止该芯片制造商出售其制造部门。 上周，特朗普政府通过一份协议将拜登政府承诺的89亿美元《芯片与科学法案》的联邦拨款转为股 权，获得了英特尔10%的股份，成为其最大单一股东。此外， 特朗普政府还获得了一个为期五年的 认股权证，若英特尔的晶圆代工业务股份降至51%以下，政府可以每股20美元的价格进一步购买 5%的股份。 然而，津斯纳表示，公司不太可能放弃对晶圆代工业务的控制权，预计认股权证将不会被行使。"我 认为从政府的角度来看，他们与此是保持一致的，他们不希望看到我们将这项业务剥离或卖给其他 人。"他称。 津斯纳称，英特尔已于28日获得57亿美元的政府拨款。剩余的32亿美元投资尚未拨付，将视英特尔 是否达成美国国防部相关计划中约定的条件而定。 8月29日，白宫新闻秘书莱维特（Karoline Leavitt）表示，协议正在最后敲定，"英特尔的协议仍 在由商务部完善。" 英特尔的晶圆代工业务持续亏损 英 ...

Group 1 - The U.S. government is considering acquiring stakes in major defense contractors, with discussions particularly focused on Lockheed Martin, which derives approximately 73% of its revenue from the government [1] - Lockheed Martin's total revenue for fiscal year 2024 is projected to grow by 5% to $71 billion [1] - Following the announcement, stock prices of major U.S. defense contractors rose, with Lockheed Martin up 1.73%, Boeing up 3.51%, Northrop Grumman up 1.07%, and General Dynamics up 0.72% [1] Group 2 - Intel announced a historic agreement with the U.S. government, which will invest $8.9 billion in Intel's common stock to support its over $100 billion expansion of the semiconductor supply chain [2] - The U.S. government now holds a 10% stake in Intel, valued at approximately $11 billion, without any payment from the government [2] - This move may serve as a starting point for establishing a U.S. sovereign wealth fund, with expectations of similar transactions in the semiconductor and other industries in the future [2]

Core Viewpoint - The U.S. government has become the largest shareholder of Intel, acquiring a 9.9% stake for $8.9 billion, marking a significant shift in the relationship between the government and private enterprises, as it transforms subsidies into direct equity investments [1][2][4]. Group 1: Transaction Details - The U.S. government will purchase approximately 433.3 million shares of Intel at $20.47 per share, which is nearly a 17% discount from the closing price of $24.80 on the announcement day [4]. - The total investment by the U.S. government in Intel, including previous subsidies, amounts to $11.1 billion [4][6]. - The government will also receive a five-year warrant to purchase an additional 5% stake at $20 per share if Intel's ownership of its chip foundry falls below 51% [5]. Group 2: Strategic Implications - This transaction is seen as the beginning of a U.S. sovereign wealth fund initiative, indicating a potential shift towards state-led industrial policy [3][10]. - The investment is part of a broader strategy to enhance national security by ensuring domestic capabilities in advanced semiconductor manufacturing, especially in the context of global competition in AI [9][12]. - The U.S. government aims to transition from a role of providing subsidies to becoming an active investor in key industries, breaking from historical practices of merely offering financial support [14][15]. Group 3: Political Context - The relationship between former President Trump and Intel's CEO has evolved, with Trump initially criticizing the CEO but later supporting the investment, highlighting the political dynamics at play [8]. - The move has sparked debate over the appropriateness of government intervention in private enterprises, with some experts warning of potential risks to long-term economic prosperity [19][20]. - The investment in Intel is part of a larger trend where the U.S. government is increasingly intervening in various sectors, including a recent investment in a rare earths company [21][22].

Core Viewpoint - The U.S. government has announced it will become the largest shareholder of Intel by acquiring a 9.9% stake for $8.9 billion, marking a significant shift in the relationship between the government and private enterprises, and potentially initiating a new era of state-led industrial strategy in the U.S. [1][3] Group 1: Investment Details - The U.S. government will purchase 433.3 million shares of Intel at $20.47 per share, which is a nearly 17% discount from Intel's closing price of $24.80 on the announcement day [3] - Including previous subsidies, the total investment from the U.S. government in Intel amounts to $11.1 billion [3] - The government will also receive a five-year warrant to purchase an additional 5% stake at $20 per share if Intel's ownership of its chip foundry falls below 51% [3] Group 2: Strategic Implications - The acquisition is driven by national security concerns, as Intel is the only U.S. company capable of advanced semiconductor manufacturing, which is critical in the context of global AI competition [6] - The investment reflects a broader strategy to create a U.S. sovereign wealth fund, aimed at reducing leverage and reshaping political order while enhancing control over strategic assets [7][8] Group 3: Shift in Government Role - This transaction signifies a shift in the U.S. government's role from merely providing subsidies to becoming an active investor in private companies [9] - Historically, U.S. government support for industries has been limited to grants and tax incentives, but this investment breaks that precedent [9] - The move has sparked debate regarding the implications of government intervention in the private sector, with some experts warning of potential risks to long-term economic prosperity [10][11]

Core Viewpoint - The U.S. government has announced it will become the largest shareholder of Intel by acquiring a 9.9% stake for $8.9 billion, marking a significant shift in the relationship between the government and private enterprises, transforming subsidies into direct equity investments under the CHIPS and Science Act [1][4][12]. Group 1: Investment Details - The U.S. government will purchase approximately 433.3 million shares of Intel at $20.47 per share, which is a nearly 17% discount from the closing price of $24.80 on the announcement day [4]. - Including previous subsidies, the total investment from the U.S. government in Intel amounts to $11.1 billion [4]. - The government will also receive a five-year warrant to purchase an additional 5% stake if Intel's ownership of its chip foundry falls below 51% [4]. Group 2: Strategic Implications - The acquisition reflects a broader strategy to establish a sovereign wealth fund in the U.S., aimed at reducing leverage and reshaping the political order while supporting the "America First" policy [8][10]. - The investment in Intel is part of a larger initiative to control strategic assets, including potential investments in AI and quantum computing, which are closely tied to national security [11]. Group 3: Government Role Transformation - This transaction signifies a shift in the U.S. government's role from merely providing subsidies to becoming an active investor in private companies [12]. - Historically, U.S. government support for industries has been limited to grants and loans without equity stakes, but this deal breaks that precedent [12]. - The move has sparked debate regarding the implications of government intervention in the private sector, with some experts warning of potential risks to long-term economic prosperity [13][14].

Market Overview - US stock index futures are all down, with Dow futures down 0.13%, S&P 500 futures down 0.05%, and Nasdaq futures down 0.02% [1] - European indices also show declines, with Germany's DAX down 0.31%, UK's FTSE 100 down 0.53%, France's CAC40 down 1.43%, and the Euro Stoxx 50 down 0.73% [2][3] - WTI crude oil prices fell by 1.73% to $63.68 per barrel, while Brent crude oil dropped by 1.55% to $67.16 per barrel [4] Economic and Policy Developments - The Trump administration announced a 50% tariff on Indian products starting August 27, aiming to pressure Russia amid stalled peace negotiations regarding Ukraine [5] - The US Geological Survey proposed adding copper and potash to the critical minerals list, which could lead to broader policy support for these industries [6] Federal Reserve and Monetary Policy - President Trump dismissed Federal Reserve Board member Lisa Cook, raising questions about the independence of the Fed [7] - The dismissal is part of Trump's ongoing efforts to exert control over the Federal Reserve, with Cook accused of mortgage fraud [7] Corporate News - The US government is acquiring a 10% stake in Intel, potentially paving the way for a US sovereign wealth fund [8] - Doug Clinton, CEO of Intelligent Alpha, believes the AI bull market will continue for another 2-4 years, with Nvidia expected to report strong earnings [9] Company Earnings and Performance - Eli Lilly's oral weight loss drug achieved its primary goal in Phase 3 trials, leading to plans for global registration [10] - AT&T agreed to acquire specific wireless spectrum licenses from EchoStar for approximately $23 billion, causing EchoStar's stock to surge by 70% [10] - Daqo New Energy reported a 65.8% year-over-year decline in Q2 revenue, with a net loss of $76.5 million [11] - Beike's net profit decreased by 7.2% year-over-year, despite a 24.13% increase in total revenue [11] - Gaotu reported a 37.6% increase in Q2 revenue, with a net loss of 216 million yuan [12] - EHang's Q2 revenue increased by 44.2%, with a record delivery of 68 EH216 aircraft [13] Upcoming Economic Data and Events - Key economic data releases include the US Redbook retail sales year-on-year, FHFA house price index month-on-month, and consumer confidence index [14]

Group 1 - The U.S. government holding a 10% stake in Intel may serve as a starting point for establishing a U.S. sovereign wealth fund, with expectations for similar transactions in the chip and other industries in the future [1] - The 10% stake in Intel is considered a unique case due to the significant funding provided by the CHIPS Act, which allows the government to acquire equity without interfering in Intel's operational decisions [1][2] - Trump claims that the stake is valued at approximately $11 billion, emphasizing that all profits will benefit the U.S. and create more jobs [2] Group 2 - The government’s acquisition of Intel shares is framed as a way to ensure taxpayer returns on investments, contrasting with past instances where federal funding did not yield returns for taxpayers [2] - The economic advisor highlighted that the government is not involved in selecting market winners and losers, referencing past government interventions during the 2008 financial crisis [2] - The overarching goal is to maximize the value of taxpayer funds through strategic investments like the one in Intel [3]

Group 1 - The U.S. government holding a 10% stake in Intel may serve as a starting point for establishing a U.S. sovereign wealth fund, with expectations for similar transactions in the semiconductor and other industries in the future [1] - The acquisition of Intel shares is part of a broader strategy under the CHIPS Act, which aims to inject significant funding into the company while allowing the government to gain equity without interfering in its operational decisions [1][2] - The transaction is framed as a way to ensure taxpayer returns on government funding, contrasting with past instances where federal funding did not yield benefits for taxpayers [2] Group 2 - Trump claims that the stake in Intel, valued at approximately $11 billion, was acquired at zero cost to the government, with all profits intended for the U.S. [2] - The government’s involvement in acquiring equity is not unprecedented, as it previously took majority stakes in Fannie Mae and Freddie Mac during the 2008 financial crisis [2] - The emphasis is placed on maximizing the value of taxpayer funds through strategic investments rather than selecting market winners and losers [3]

Group 1 - The price of gold T+D on the Shanghai Gold Exchange is reported at 777.80 CNY per gram, reflecting an increase of 2.08 CNY, or 0.27%, compared to the previous closing price [1][3] - The highest price recorded today is 778.80 CNY per gram, while the lowest is 775.00 CNY per gram [1][3] Group 2 - Kevin Hassett, Director of the National Economic Council, stated that President Trump will take several months to decide on the successor to the Federal Reserve Chairman, with Powell's term ending in May next year [2] - Hassett acknowledged Powell's speech at Jackson Hole as reasonable, noting that inflation has significantly decreased, with prices rising only 1.9% year-over-year over the past six months [2] - Hassett mentioned Trump's acquisition of nearly 10% of Intel's shares, likening it to a sovereign wealth fund operation, and indicated that the government is not interested in operating private enterprises [2]

当地时间周一，美国总统特朗普周一在社交平台Truth Social上夸耀政府对英特尔的入股， 并表示他决心达成更多类似的交易，即持有更多 私营企业的股份。 特朗普发文称："关于英特尔的股份交易我一分钱都没掏，它的价值约为110亿美元，所有收益都归美国。" 此外，美国政府还获得了一项权证，如果未来英特尔不再是其晶圆代工业务的控股股东，政府可以再购买英特尔额外5%的股份。 建立主权财富基金 尽管哈塞特强调政府不会干预公司运营，但他表示这一举措是正在进行的战略的一部分。 哈塞特声称："我认为这是一个非常、非常特殊的情况，因为有大量的《芯片法案》补贴即将投入。"他补充道："但总统早在竞选期间就明 确表示，他希望美国最终能够开始建立主权财富基金。因此，我相信在某个时候，无论是在这个行业还是其他行业，还会有更多交易。" 据悉，特朗普在2月份早些时候签署了一项行政命令，启动设立主权财富基金。这类基金通常由资源丰富的小国利用自然资源收益进行投 资。根据主权财富基金研究所的数据，挪威是全球此类基金的领头羊，拥有约1.8万亿美元的资产，多个中东国家也有类似的大型基金。 他补充道：" 接下来我将一直为我们的国家达成类似的交易 ，那 ...