The US sovereign wealth fund is taking shape. Trump: "Operation Intel must be repeated."

MILAN – Donald Trump has gotten a taste for it, and his administration is increasingly pushing the idea of ​​bringing government into private companies. After Intel, it could be the turn of others: the strategy of building a sort of US-backed "sovereign wealth fund" is taking shape.

The US president boasted about the government's new stake in Intel and declared his determination to make more similar deals. "I'll be making deals like this for our country all day long," he wrote on Truth. He was referring to the government's direct ownership of the tech giant: Washington is taking a 10% stake by converting subsidies granted under the Chips and Science Act (Biden's initiative) into shares. This move is attracting the attention of many observers, who see it—as the NYT recently noted—as similar to state-managed capitalism in other parts of the world, starting with China.

“I paid nothing for Intel, and it’s worth about $11 billion,” Trump added.

Trump confirmed the deal on Friday and now adds: "I'll be making deals like this for our country all day long. I love watching their stock prices go up, making America richer and richer. More jobs for America!"

Under the agreement, the United States will purchase a 9.9% stake in Intel for $8.9 billion, or $20.47 per share, representing a discount of approximately $4 to Intel's closing price of $24.80 on Friday. To cover the purchase of 433.3 million Intel shares, Washington will convert funds from the $5.7 billion in unpaid grants from the Biden-era Chips Act and the $3.2 billion allocated to Intel for the Secure Enclave program, also dating back to the Democratic administration.

The move adds to other demonstrations of White House interventionism, such as grabbing a share of Nvidia's business from China . In his post, Trump says—without specifying further—that he will favor companies that sign deals like the one with Intel. White House economic adviser Kevin Hassett has just explained to CNBC that the government intends to continue acquiring stakes in American companies. Behind this lies a broader strategy to create a sovereign wealth fund that could also include other companies. "The president made it clear during the campaign that it would be great for the United States to begin building a sovereign wealth fund. I'm sure there will be more transactions at some point," Hassett emphasized.

The administration's acquisition of a stake in Intel has raised much controversy, even from conservatives who see the stake as a violation of the free market principle that has characterized the United States for decades.