The president is demanding government stakes in U.S. companies and cuts of their revenue. Experts see some similarities to state-managed capitalism in other parts of the world.

Former Vice President Mike Pence expressed concerns about the US government taking an equity stake in Intel Corp. and a cut of Nvidia Corp.’s AI chip sales to China.

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The latest move risks creating a pay-for-play framework for the sale of sensitive technologies to U.S. adversaries, according to analysts and legal experts.

On August 11, 2025, US President Donald Trump announced that Nvidia's H20 chips were approved for shipment to China. Before this, at the end of July 2025, reports indicated that Nvidia had placed an order with TSMC for 300,

The White House is pushing for a stake in embattled chipmaker Intel after making deals with Nvidia and AMD to sell chips to China for a 15% cut.

Nvidia can sell its AI chips in China, and hyperscalers are spending more heavily on data center infrastructure than Wall Street anticipated.

Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.