Unhedged The people’s chip manufacturer
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Aug 28, 2025 
Brooke Masters, the US managing editor at the Financial Times, dives into the surprising reality of government control over the chip industry, specifically Intel, during the Trump administration. She and Katie Martin explore how this intervention challenges traditional free market principles and intertwines national security with corporate affairs. They also discuss Cracker Barrel's rebranding controversy, corporate anxiety in a politically charged environment, and the unique challenges that both large and small companies face in this tumultuous landscape.
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Government Equity In A Functioning Firm
- The Trump administration converted federal grants to a 10% equity stake in Intel, creating direct government ownership in a functioning company.
- This departs from US precedent of only taking stakes in failing firms and signals a new interventionist industrial approach.
Company-Specific Export Levy
- The administration demanded a company-specific cut of revenues from NVIDIA and AMD to allow exports to China, effectively an export tax on certain chips.
- Brooke Masters calls this policy an explicit 'shakedown' of private firms for government gain.
Dealmaking Replaces Market Norms
- Trump frames interventions as dealmaking and extracting value for 'America' and his voters rather than traditional market policy.
- This personal, transactional style replaces established hands-off norms in US corporate governance.