Sec. Bessent Defends U.S. Stake in Intel: ‘Chips Are a Strategic Necessity for Us’

BARTIROMO And we wanted ░░░░░░░░ start there because of ░░░░░░░░ if you re a ░░░░░░░░ market capitalist oftentimes you ░░░░░░░░ t want to see ░░░░░░░░ taking stakes in businesses ░░░░░░░░ I wonder if this ░░░░░░░░ a national security issue ░░░░░░░░ than anything else Can ░░░░░░░░ walk us through your ░░░░░░░░ and the president s ░░░░░░░░ in terms of taking ░░░░░░░░ 10 percent stake in ░░░░░░░░ and what could happen ░░░░░░░░ BESSENT Sure Maria And ░░░░░░░░ if we go back ░░░░░░░░ say the Covid times ░░░░░░░░ could see that there ░░░░░░░░ an airline rescue plan ░░░░░░░░ a lot of that ░░░░░░░░ debt And I can ░░░░░░░░ you some of that ░░░░░░░░ is still outstanding at ░░░░░░░░ percent So it was ░░░░░░░░ good deal for the ░░░░░░░░ people to keep the ░░░░░░░░ flying But financing private ░░░░░░░░ still at 1 percent ░░░░░░░░ not a good deal ░░░░░░░░ what President Trump is ░░░░░░░░ President Trump is going ░░░░░░░░ be the only president ░░░░░░░░ modern times who creates ░░░░░░░░ for the American people ░░░░░░░░ than debt And we ░░░░░░░░ he saw that Intel ░░░░░░░░ been given grants and ░░░░░░░░ to know why the ░░░░░░░░ taxpayer wouldn t participate ░░░░░░░░ the upside So there ░░░░░░░░ 11 billion of immediate ░░░░░░░░ And I think there ░░░░░░░░ a very good chance ░░░░░░░░ that it could be ░░░░░░░░ more But as you ░░░░░░░░ chips are a strategic ░░░░░░░░ for us One of ░░░░░░░░ things we learned during ░░░░░░░░ was that the United ░░░░░░░░ has five to seven ░░░░░░░░ vulnerabilities in critical industries ░░░░░░░░ President Trump has said ░░░░░░░░ de risking that And ░░░░░░░░ we re de risking ░░░░░░░░ there s also substantial ░░░░░░░░ for the American taxpayer ░░░░░░░░ Well it s very ░░░░░░░░ to argue with free ░░░░░░░░ and the fact that ░░░░░░░░ support for Intel was ░░░░░░░░ there from the CHIPS ░░░░░░░░ and the president turning ░░░░░░░░ into equity and the ░░░░░░░░ having a stake and ░░░░░░░░ this value of 11 ░░░░░░░░ is pretty incredible It ░░░░░░░░ hard to argue with ░░░░░░░░ But are you considering ░░░░░░░░ stakes in further semiconductor ░░░░░░░░ I mean would the ░░░░░░░░ consider taking a stake ░░░░░░░░ Nvidia BESSENT Well Maria ░░░░░░░░ don t think Nvidia ░░░░░░░░ financial support So you ░░░░░░░░ that that seems not ░░░░░░░░ the table right now ░░░░░░░░ could there be other ░░░░░░░░ where we re reshaping ░░░░░░░░ like shipbuilding that sure ░░░░░░░░ could be things like ░░░░░░░░ And these are critical ░░░░░░░░ that we have to ░░░░░░░░ have to be self ░░░░░░░░ in the United States ░░░░░░░░ for 20 30 40 ░░░░░░░░ this was neglected And ░░░░░░░░ I ve said many ░░░░░░░░ the only good thing ░░░░░░░░ Covid was it was ░░░░░░░░ beta test for if ░░░░░░░░ were to go into ░░░░░░░░ kinetic war or get ░░░░░░░░ off from some of ░░░░░░░░ industries You know think ░░░░░░░░ it 80 90 percent ░░░░░░░░ the precursor of pharma ░░░░░░░░ are made overseas And ░░░░░░░░ s just unacceptable because ░░░░░░░░ we saw during Covid ░░░░░░░░ manufacturing countries will keep ░░░░░░░░ for themselves.”