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White House Eyes CHIPS Equity Stakes

The Trump administration is testing a simple proposition: if Washington funds you, Washington should own a piece of you. Commerce Secretary Howard Lutnick is exploring equity stakes in chipmakers that receive CHIPS Act grants, starting with Intel.

“We should get an equity stake for our money,” Lutnick said, according to one report. White House Press Secretary Karoline Leavitt confirmed talks for a 10% government stake in Intel and framed the effort as both economic and national security policy: “The president wants to put America’s needs first, both from a national security and economic perspective, and it’s a creative idea that has never been done before.”

You can read more on the matter here.

What’s going on?

• Kenney: By-Election Results Unmask Alberta Separatism as ‘Empty Shell’ (theDeepDive)

• Pierre Poilievre touts Alberta by-election win as sign of political resilience (Globe)

• MIT Study Finds 95% of Corporate AI Projects Fail to Generate Returns (theDeepDive)

• Russian Oil Output Seen Stable Despite Toughest Spell in 5 Years (Bloomberg)

• ‘Coalition of the Willing’ Fast Tracks Security Guarantees for Ukraine (theDeepDive)

• OpenAI logged its first $1 billion month but is still ‘constantly under compute,’ CFO says (CNBC)

• Major Russian Refineries Halt Operations After Ukrainian Strikes (theDeepDive)

• Fed's dilemma between AI and housing (Reuters)

• Ukraine’s Alleged Drone Strikes Force Indefinite Halt on Major Oil Pipeline That Supplies Hungary, Slovakia (theDeepDive)

• Trump Considers Firing Fed Official After Accusation of Mortgage Fraud (WSJ)

• Congressional Staffers Predict Marijuana Rescheduling This Year Despite Process Delays (theDeepDive)

What’s the latest?

• Crypto: Thirty major crypto firms, including Coinbase and Kraken, urged the U.K. to adopt a national stablecoin strategy to avoid falling behind the U.S. They warned that Britain’s current regulatory stance, which defines stablecoins narrowly as “crypto-assets with reference to fiat,” risks stifling growth. The global stablecoin market is worth over $280 billion, but pound-pegged stablecoins total just £461,224 ($621,197). Advocates argue a strategy could boost the U.K.’s financial hub status, while HSBC noted stablecoins act as digital cash equivalents but face regulatory hurdles.

• Air Canada: Air Canada and its 10,000 flight attendants have reached a tentative deal after a strike that canceled about 500,000 customer flights. The agreement introduces “ground pay,” starting at 50% of salary for pre-flight work, rising to 70% by 2029, alongside salary increases. The deal runs until March 31, 2029, but service recovery could take over a week. Prime Minister Mark Carney welcomed the resolution, citing relief for travelers.

• AI Stocks: AI-linked stocks dragged Wall Street lower Wednesday, with Nvidia down 3% and Palantir plunging 8.1%, as concerns grew over high valuations and limited corporate returns from generative AI. The S&P 500 fell 0.9%, the Nasdaq 1.6%, and the Dow 0.3%. Retail earnings were mixed: TJX rose 4.6% on strong results, Lowe’s gained slightly, but Target slid 8.1% after weak sales and a CEO change. Investors await Fed Chair Jerome Powell’s Friday speech in Jackson Hole for signals on rate cuts, as Treasury yields eased and global markets showed mixed results.

• Bankruptcy : Claire’s is selling most of its North American business to private equity firm Ames Watson, weeks after filing for bankruptcy with nearly $500 million in debt. The deal pauses liquidation at most stores, though some closures will continue. Ames Watson, with $2B in revenue and brands like Lids and Champion Teamwear, plans to preserve a large retail footprint and support growth. This marks Claire’s second bankruptcy since 2018, when it eliminated $2B in debt through restructuring.

• Politics: Trump disclosed 690 bond purchases since January, worth at least $100M based on filings to the U.S. Office of Government Ethics. The transactions include debt from local governments, utilities, and major corporations such as T-Mobile, UnitedHealth, Home Depot, and Meta. Individual buys ranged from $250K to $1M each. His net worth is now $5.5B, up from $2.1B in 2020, which Forbes calls “the most lucrative post-presidency in U.S. history.” Critics warn of potential conflicts of interest, though federal law exempts the president from some conflict rules.

i-80 Gold Q2 Earnings

The stock market and stuff

• Robinhood Expands Prediction Hub To Football In Kalshi Tie-up (theDeepDive)

• Air Canada Gradually Resumes Flights Following Tentative Union Agreement (theDeepDive)

• US sell-off accelerates as tech stocks slide (FT)

• First Majestic Assays 15.93 g/t Gold, 1,112 g/t Silver Over 3.57 Metres In Initial San Dimas Drill Results (theDeepDive)

In the juniors

• Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion (theDeepDive)

• ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver (theDeepDive)

• Collective Mining Hits 7.05 g/t Gold Equivalent Over 37.15 Metres At Apollo (theDeepDive)

FULL DISCLOSURE: Antimony Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Antimony Resources. The author has been compensated to cover Antimony Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.