The US government owns 9.9 per cent of Intel, converted out of US Chips Act grants, alongside a golden share in US Steel, US$400 million in the rare earth mining firm MP Materials and stakes in roughly 30 firms worth US$26.7 billion. In 2025, Nvidia and AMD gave up 15 per cent of their China chip sale revenues in exchange for export licences. The country that spent four decades advising its allies against picking winners now runs a portfolio. The United States has not fully turned to state...