Treasury Secretary Defends US Stake in Intel
Treasury Secretary Scott Bescent spoke out in defense of the US government’s decision to acquire a 10% stake in Intel, addressing concerns about potential government interference in the free market.
During an appearance on Fox Business’s “Morning Maria,” Bescent emphasized the strategic necessity of this investment. “Tips are a strategic need for us,” he stated.
He further reflected on lessons learned from the Covid pandemic, noting that the US has a significant strategic vulnerability in essential industries. “President Trump is preparing to address it,” he added.
Bescent highlighted the benefits for American taxpayers, asserting that Trump is poised to reduce these vulnerabilities. “He’s the only modern president creating assets for Americans instead of accumulating debt,” he claimed.
According to Bescent, the immediate value of the Intel deal amounts to $11 billion, implying that the prospects look promising.
Trump had recently announced the deal, stating that Intel would grant the federal government a 10% stake in exchange for funding that was set aside under the previous administration’s chips and science law.
On Monday, Trump hinted at the possibility of more deals in the future. “Yeah, there are other cases, or if I have the opportunity again, I’ll do it,” he said, dismissing any criticism by asserting, “That’s not a shame. It’s called business.”
This recent agreement with Intel follows earlier announcements involving two other US chipmakers, Nvidia and AMD.
In a separate interview, Bescent dismissed the notion of the US obtaining shares from Nvidia, suggesting that the company does not currently require financial backing. “I don’t think Nvidia needs financial support so it doesn’t seem to be on the table right now,” he remarked.
However, he indicated that the US might be looking to invest in other sectors. “Is there anything like shipbuilding, something else we’re rebuilding? Of course, that may happen,” Bescent said, emphasizing the importance of self-sufficiency in key industries.
