Enterprising Investor Winston Ma, CFA: Sovereign Wealth, AI Strategy, and the Future of Global Capital
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Oct 1, 2025 Winston Ma, CFA, an investor and former head of the North America office for China Investment Corporation, dives into the evolving landscape of sovereign wealth amidst AI advancements. He reveals how the unconventional U.S. sovereign wealth fund is strategically investing in tech giants like Intel to bolster America’s AI supply chains. Winston discusses governance challenges, co-investment opportunities, and emphasizes the interconnectedness of law, finance, and geopolitics for investors. He also highlights the potential for increased global collaboration among sovereign funds.
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Unconventional U.S. Sovereign Fund
- The U.S. sovereign fund differs because it is created from a deficit country and driven by executive power.
- Its capital sources are unconventional and may include large amounts of foreign capital tied to trade commitments.
Made-In Strategy For AI And Chips
- The U.S. fund's recent investments show a clear strategy: use strategic capital to secure chip and AI supply chains.
- The goal is supply chain independence and tech competition with China.
Intel Deal As Strategic Case Study
- The Trump administration converted $8.9 billion of CHIPS Act support into equity, gaining close to 10% of Intel.
- The deal included poison-pill like rights and catalyzed further private investments and a partnership with NVIDIA.