BIG NUMBER | 10%: Intel and the U.S. Government

The U.S. government is taking a 10% ownership stake in semiconductor maker Intel, in a move that potentially gives the federal government significant influence over a major U.S. business.

The development isn’t unprecedented, of course. During the global financial crisis of 2008-2009, the U.S. government took temporary stakes in several financial services companies and automakers to prevent those businesses from going bankrupt. As shown in the chart, the government has had brief financial interests in a handful of companies dating back to the 1980s.

In this case, while Intel might have some struggles, the economy is not. The government’s financial support appears partly driven by national security concerns: much of the domestic chip supply fueling the artificial intelligence boom is manufactured in Taiwan—a nation close to China with a historically fragile and often tense relationship. In a related effort to limit China’s access to these chips, the current administration has reached agreements with U.S.-based chipmakers Nvidia and Advanced Micro Devices to share a portion of their AI-chip sales revenues with the federal government and China.

Going forward, we will monitor these developments (and potentially others if they occur) closely to determine the most likely outcomes to these companies’ future results—and the prospects for their shares.

By Mike Dickson

Originally published 28, 2025

For more news, information, and analysis, visit the ETF Strategist Content Hub.

This commentary is written by Horizon’s asset management team. Past performance is not indicative of future results. Nothing contained herein should be construed as an offer to sell or the solicitation of an offer to buy any security. This report does not attempt to examine all the facts and circumstances that may be relevant to any company, industry, or security mentioned herein. We are not soliciting any action based on this document. It is for the general information of clients of Horizon Investments, LLC (“Horizon”). This document does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any analysis, advice, or recommendation in this document, clients should consider whether the security in question is suitable for their particular circumstances and, if necessary, seek professional advice. Investors may realize losses on any investments. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. All investing involves the risk of loss.

The investments recommended by Horizon are not guaranteed. There can be economic times when all investments are unfavorable and depreciate in value. Clients may lose money. This commentary is based on public information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. The opinions expressed herein are our opinions as of the date of this document. These opinions may not be reflected in all of our strategies. We do not intend to and will not endeavor to update the information discussed in this document. No part of this document may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without Horizon’s prior written consent. Forward-looking statements cannot be guaranteed. Other disclosure information is available at www.horizoninvestments.com.

Horizon Investments is a registered trademark of Horizon Investments, LLC

©2025 Horizon Investments, LLC.