The Trump administration is ruling out taking a stake in tech giant Nvidia, despite recent federal equity moves in companies like Intel and U.S. Steel. Treasury Secretary Scott Bessent confirmed that the administration has “no intention” of acquiring shares in Nvidia, citing the company’s financial independence. The decision marks a shift in focus toward other key sectors vital to national security and U.S. self-sufficiency.
President Trump’s team has already secured a nearly 10% equity position in Intel and a “golden share” in U.S. Steel, granting federal oversight in both firms. These actions represent a bold, strategic pivot in industrial policy, described by some as a modern form of state-guided capitalism. Rather than bailouts or regulation alone, the administration is now engaging directly in ownership to ensure alignment with national interests.
Bessent indicated that the administration may next explore investments in industries like shipbuilding—sectors seen as critical for defense, manufacturing resilience, and long-term economic security. While details remain under consideration, the goal is to shore up industrial capabilities that have been weakened by decades of outsourcing and global dependency.
The moves have drawn criticism, including from within the Republican Party. Some lawmakers argue this approach resembles central planning and strays from conservative free-market principles. Others warn that government equity stakes could distort market dynamics and invite political interference. Nonetheless, the administration remains firm in its strategy, framing it as essential for economic sovereignty in an age of geopolitical uncertainty.
With Nvidia off the table, the Trump administration is signaling a selective, security-driven approach to industrial investment—targeting sectors that support American strength without compromising private-sector innovation.
