U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
Investing.com -- US Commerce Secretary Lutnick said Tuesday that the United States cannot rely on Taiwan to manufacture semiconductors and expressed hope that Intel (NASDAQ:INTC) could become a significant participant in the chip space.
Speaking on CNBC, Lutnick revealed that the US could convert funding for Intel into an equity stake in the company. "We’d like an American transistor built in America," he stated.
Lutnick criticized the Biden administration’s approach, claiming it was giving Intel money "for free." He explained that "Trump wants to turn money from Biden into equity."
The Commerce Secretary also addressed infrastructure concerns, saying the administration will "fix infrastructure that China competed away" and "must handle the Chinese risk."
Regarding international agreements, Lutnick mentioned that documents on recent deals with Japan and Korea are "weeks away." He also emphasized the need for a "more efficient cross-continental rail system" in the United States.
When asked about Nvidia (NASDAQ:NVDA), Lutnick described the company’s CEO as "fantastic" and noted that the Nvidia CEO is "pitching Trump all the time." He also expressed a desire for "Intel to be successful in America."
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