Core Viewpoint - The news highlights a significant increase in rare earth stocks, driven by potential government funding reallocations to support critical mineral projects, particularly in the context of the semiconductor industry [1] Group 1: Market Reaction - Rare earth stocks experienced notable gains, with American Resources (AREC.US) rising over 14%, MP Materials (MP.US) increasing more than 5%, and Energy Fuels (UUUU.US) and USA Rare Earth (USAR.US) both up over 3% [1] Group 2: Government Actions - The Trump administration is reportedly considering a plan to reallocate at least $2 billion from the CHIPS Act to fund critical mineral projects, enhancing the influence of Commerce Secretary Gina Raimondo in strategic industries [1] - The proposed initiative aims to extract funds from semiconductor research and chip factory construction allocations, avoiding new spending requests [1] - This move follows discussions initiated by White House officials regarding the U.S. government's mineral strategy after a recent investment in MP Materials by the Pentagon [1]

Core Viewpoint - The U.S. government has made a significant investment in Intel, acquiring shares worth approximately $11 billion, which is seen as a beneficial deal for both the U.S. and Intel [1][3]. Group 1: Investment Details - The U.S. government will invest $8.9 billion in Intel, purchasing 433.3 million shares at $20.47 per share, with $5.7 billion coming from the CHIPS Act [3][8]. - This investment supplements the $2.2 billion Intel has already received from the CHIPS Act, bringing the total to $11.1 billion (approximately 795 million RMB) [3]. - Following the announcement, Intel's stock price initially rose by about 5.5% but later fell over 1% in after-hours trading [4]. Group 2: Government's Role and Strategy - The investment is part of a broader strategy to convert government subsidies from the CHIPS Act into equity stakes in companies [7][11]. - The government will hold non-voting shares, meaning it will not interfere directly in Intel's daily operations [13]. - This move reflects a trend of increased government intervention in corporate affairs, raising concerns about new political risks for businesses [15]. Group 3: Industry Context and Challenges - Despite the influx of capital from both the government and external investors, analysts highlight that Intel faces fundamental challenges that cash injections alone cannot resolve [6]. - Intel needs to catch up technologically with TSMC to attract customers, as TSMC currently leads in technology and serves major clients like Apple and Nvidia [6].

Core Viewpoint - TSMC is considering returning the $6.6 billion subsidy received for building a large manufacturing facility in Arizona to maintain operational independence and avoid government ownership [1][2][4]. Group 1: Government Subsidy and Ownership Concerns - TSMC has never heavily relied on U.S. government financial support, and the $6.6 billion subsidy was intended for its Arizona production facility [1][4]. - Discussions among TSMC executives about potentially returning the subsidy have been initiated to prevent the government from becoming a shareholder [2][4]. - The Trump administration is contemplating a model where companies receiving funds under the CHIPS Act may have to give equity in return, raising concerns in the industry [3][5]. Group 2: Implications of the CHIPS Act - The CHIPS Act was originally conceived during Trump's first term to attract manufacturers like TSMC to the U.S. and compensate for higher manufacturing costs [6]. - The implementation of the CHIPS Act has been slow, and uncertainties due to government changes and tariff tensions have affected its effectiveness [6]. - Any efforts to convert subsidies into equity for companies like Intel may face legal challenges due to established agreement terms [6].

商务部长霍华德·勒特尼克（Howard Lutnick）周二在接受CNBC采访时确认，政府正在与陷入困境的半 导体公司英特尔(INTC.O)谈判，计划持有其10%的股权，并表示政府也可能考虑在其他公司中持股。 此番言论引发业界担忧，担心政府可能会要求对台积电(TSM.N)、美光科技(MU.O)和三星（Samsung） 等大型芯片制造商持股。上月，政府刚刚收购了一家稀土材料生产商15%的股份。 这位官员说："商务部无意从台积电和美光手中获取股权。" 勒特尼克一直要求获得《芯片法案》资助的企业进一步加大在美国的总投资，以便为纳税人争取更有利 的条件。该法律授权提供数百亿美元的补助、贷款和其他形式的补贴，旨在推动包括英特尔、台积电在 内的公司在美国建设半导体制造产能。 这一做法延续了特朗普政府根据企业在美投资力度来"奖惩"科技公司的路线。特朗普总统最近表示，在 美国投资更多的企业可获豁免于约100%的芯片进口关税。 特朗普在私营部门的干预，引发企业高管的焦虑，担心自己会成为下一个目标。政府目前正在对英伟达 (NVDA.O)和AMD(AMD.O)对华销售额抽取15%的分成。在最近加快与英特尔的谈判、讨论将部分芯片 法 ...

免费"补贴资金"突然变"补贴换股份"？台积电可能不会答应。 特朗普政府正考虑对接受《芯片法案》资金的企业持股，引发行业担忧。据华尔街日报周四报道，台积 电高管已就可能退还特朗普政府补贴进行初步讨论，以避免政府成为其股东。 但对于这一消息，一名政府官员周四澄清，特朗普政府并不寻求持有台积电和美光等正在增加投资的公 司股份，仅对未提升投资承诺的企业考虑股权安排。 据悉，任何将英特尔等公司的《芯片法案》补贴转换为股权的努力都可能面临法律挑战，因为此前的协 议条款已经确定。该法案要求超过特定水平的利润与政府分享。 《芯片法案》最初在特朗普第一个任期内构想，旨在吸引台积电等制造商到美国并补偿更高的制造成 本。该计划实施缓慢、政府更迭带来的不确定性以及关税紧张局势都影响了其效果。 华尔街见闻此前文章提及，继英特尔方案后，美国商务部长卢特尼克正在探索如何通过《芯片法案》资 金获得更多芯片巨头的股权。 美国政府去年底已敲定向三星、美光、台积电提供补贴，但大部分资金尚未发放，为特朗普政府重新设 定条件留出空间。分析人士指出，如果股权换补贴模式全面推行，将使美国政府成为全球主要芯片制造 商的重要股东。 眼看免费资金变"补贴换股份 ...

Core Viewpoint - Nvidia's CEO Jensen Huang praised TSMC during his visit to Taiwan, highlighting the company's significance and expressing that anyone looking to invest in TSMC would be "very smart" [1]. Group 1: Nvidia and TSMC Collaboration - Huang emphasized that TSMC is producing six new products for Nvidia, including a new central processing unit and a new graphics processing unit [1]. - Nvidia is planning to establish the "NVIDIA Constellation" project in Taiwan to accommodate its growing workforce, indicating a strong commitment to the region [6]. Group 2: U.S. Government Involvement in Semiconductor Industry - The U.S. government is considering acquiring stakes in semiconductor companies, including Intel, as part of discussions surrounding the CHIPS Act, which aims to revitalize U.S. semiconductor manufacturing [4]. - TSMC has received a commitment of $6.6 billion under the CHIPS Act to support the construction of three advanced chip manufacturing plants in Arizona [2]. Group 3: Market Reactions and Developments - TSMC's stock has increased by 6.5% year-to-date, reflecting positive market sentiment towards the company [6]. - Nvidia has requested some of its component suppliers to halt production related to the H20 graphics processor due to security concerns raised by China [6][7].

英伟达首席执行官黄仁勋高度赞扬台积电，称任何希望投资该公司的人都"非常聪明"。 黄仁勋周五在中国台湾地区访问期间，他此次来台的主要目的是感谢台积电在英伟达下一代AI芯片平 台Rubin方面的工作。他透露台积电正在为英伟达制造六款新产品，包括新的中央处理器和用于高级计 算特别是AI的通用处理器。 黄仁勋在访问中还透露了英伟达在中国台湾地区的扩张计划——"NVIDIA Constellation"项目——英伟 达最近宣布的台湾地区新办事处，用于安置当地员工。目前英伟达仍在与政府合作解决一些问题，以便 开始建设该项目。 "我们的供应链在这里非常繁忙，"黄仁勋表示。他指出英伟达正与中国台湾各地的芯片公司、系统供应 商和系统制造商合作，需要大量工程师与他们并肩工作。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 这一表态正值美国政府释放信号有意收购科技公司股权，特别是那些接受《芯片法案》资金的企业。据 见闻此前文章，特朗普政府正在考虑以股权换取《芯片法案》资金，涉及美 ...

值得一提的是，本月，特朗普政府采取一系列非常规举措，令华尔街和华盛顿政策圈震惊。在华尔街金 融家支持下，白宫要求英伟达与AMD(AMD.US)将中国市场的AI芯片销售收入15%上缴国库，此举直接 冲击科技行业规则。 智通财经APP获悉，一位美国政府官员透露，特朗普政府当前无意通过入股方式参与台积电 (TSM.US)、美光科技(MU.US)等半导体企业的投资计划，尽管这些企业正持续扩大在美投资规模。这 位要求匿名的官员强调，美国政府不会强制要求在美国扩大投资的企业以股权置换《芯片法案》等政府 资金支持，这一表态与正在进行的英特尔(INTC.US)股权收购谈判形成鲜明对比。 根据公开信息，美光科技已承诺向美国本土投资2000亿美元，台积电则追加1000亿美元投资计划。与此 形成对比的是，商务部长霍华德·卢特尼克近期多次公开表示，特朗普政府倾向于通过政府拨款换取企 业股权，以实现"纳税人资金的高回报"。他特别指出："我们不仅要发放补助，更要通过股权获取长期 收益。" 目前最受关注的案例是英特尔股权谈判。据知情人士透露，白宫正与这家芯片巨头商讨收购其10%股份 的方案，涉及将《芯片法案》提供的资金部分转换为股权。尽管 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ：内容 编译自 WSJ 。 一位政府官员表示，特朗普政府正在考虑入股那些获得《2022 年芯片法案》资助的公司的股权，但 没有计划入股那些正在增加美国投资的大型半导体公司。 美国商务部长霍华德·卢特尼克 (Howard Lutnick)周二接受 CNBC 采访时证实，政府正在就收购陷入 困境的半导体公司英特尔10% 的股权进行谈判，并表示政府可能还会考虑收购其他公司的股权。 特朗普对私营部门的干预加剧了企业高管的焦虑，他们担心谁将成为下一个目标。美国政府对芯片公 司英伟达和超微半导体公司（Advanced Micro Devices）对华销售额征收15%的佣金。在最近加快 与英特尔就将部分芯片业务资金转换为股权的谈判之前，特朗普曾要求首席执行官陈立武（Lip-Bu Tan）因与中国的关系而辞职。 《芯片法案》最初是在特朗普第一任政府时期构思的，旨在吸引台积电等制造商在美国生产，并应对 更高的制造成本。该计划实施缓慢，政府更迭带来的不确定性以及关税紧张局势阻碍了其有效性。 卢特尼克正在考虑将英特尔的部分《芯片法案》拨款转换为股权。任何此类举措都可能面临法律挑 ...

华尔街日报：特朗普政府并不打算入股台积电和美光科技等正在增加美国投资的公司，但可能会入股其他公司。台积电高管曾考虑，若美国政府要求入股，将归还芯片法案的资金。外汇交易员 (@myfxtrader):路透：除英特尔以外，卢特尼克正在探索美国如何通过《芯片法案》资金换取美光、台积电和三星等公司的股权。 ...