Core Insights - The U.S. government is transitioning from providing subsidies to taking equity stakes in companies like Intel and Lithium Americas, indicating a shift in industrial policy [2][3][4] Group 1: Government Actions - The U.S. government has acquired a nearly 10% stake in Intel by converting $8.9 billion in CHIPS Act grants into common stock [2] - Additionally, the government has taken a 5% equity position in Lithium Americas' Thacker Pass project, supported by a $2.26 billion Department of Energy loan [2] - This approach marks a significant change in U.S. policy towards strategic sectors, moving from passive support to active investment [3][4] Group 2: Implications for Companies - The government's equity stakes can de-risk companies by providing political backing, which may enhance their chances of success [5] - However, this raises concerns about potential government influence on corporate decisions and the risk of dilution for private shareholders [5] - The strategy reflects a broader trend where the government is assembling a new type of index focused on strategic leverage rather than traditional financial metrics [5] Group 3: Future Outlook - The current investments in Intel and Lithium Americas may be just the beginning, with potential for more companies across the supply chain to be included in this "Uncle Sam ETF" [6]