The administration has unveiled plans to convert part of the CHIPS Act subsidies paid to Intel into a stake of nearly 10%. The move would strengthen the competitiveness of the US chipmaker, which is still lagging behind its two major rivals: Arm in the CPU segment and TSMC in foundry services. For the US government, this is a move to take a direct stake in an industry considered strategic, at a time when the US is aiming to build the world's largest semiconductor factory in Ohio.

Micron in the crosshairs?

Commerce Secretary Howard Lutnick said on CNBC that Washington now wants a return on its "investments": "We will get equity in return... instead of just giving grants." This suggests that Intel will not be an isolated case. In market rumors, the name Micron comes up regularly.

Micron is positioned in a critical segment: HBM memory chips, which are essential for GPUs used in data centers. The market is contested by only three global players, Micron, SK Hynix, and Samsung, and strengthening the US champion in this area would make sense, especially as it could be linked to the Stargate project and future infrastructure in Ohio.

A strategy to be clarified

Intel and Micron are not the only beneficiaries of the CHIPS Act: TSMC and Samsung are also receiving subsidies. But how would the US government justify taking a direct stake in South Korean or Taiwanese companies, especially in a sector as strategic as artificial intelligence?

For now, the situation remains unclear. Intel's deal is still being negotiated, proof that Washington is feeling its way in this interventionist shift. If Micron were to follow suit, it would mark another step toward a profound change in the US government's role in the semiconductor industry.