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US Government Eyes Equity Stakes in Chipmakers in Exchange for CHIPS Act Funding

Key points Commerce Secretary Howard Lutnick proposes government equity stakes in chip companies, including Intel, in exchange for CHIPS Act grants. This plan, supported by President Trump, aims to bolster US manufacturing and secure a return on investment. The initiative expands beyond Intel to include other companies like Micron, TSMC, and Samsung. Concerns have been raised regarding potential risks to taxpayer funds and increased corporate...

Asian Tech Stocks Plunge on AI Doubts and US Government Intervention

Key points Asian tech stocks experienced sharp declines, mirroring overnight losses on Wall Street. Concerns over the artificial intelligence (AI) sector's valuation and potential government intervention fueled the sell-off. The US government's potential equity stakes in tech firms receiving CHIPS Act funding added to investor uncertainty. A MIT report highlighting low returns on generative AI investments further dampened market sentiment. Asian technology markets suffered a...

White House Launches Official TikTok Account

Key points The White House launched an official TikTok account (@whitehouse) to reach over 170 million US users. President Trump credits TikTok with boosting his support among young voters in the 2024 election. National security concerns exist regarding potential Chinese government access to US user data. The Trump administration aims to leverage TikTok to communicate its successes to a wider audience. The White House officially...