Winston Ma

THE WRITER, CFA, IS AN INVESTOR, ATTORNEY, AND AUTHOR. HE IS A PARTNER OF DRAGON GLOBAL, AN AI-FOCUSED FAMILY OFFICE, EXECUTIVE DIRECTOR OF THE GLOBAL PUBLIC INVESTMENT FUNDS FORUM, AND ADJUNCT PROFESSOR OF SOVEREIGN INVESTORS AT NEW YORK UNIVERSITY’S SCHOOL OF LAW.

By taking a direct equity stake, the government signals long-term commitment to domestic chip manufacturing, reinforcing Intel’s role as the only advanced semiconductor manufacturer operating at scale on US soil.

INSIGHTS FROM CFA SOCIETY SINGAPORE

How US state capital is reshaping strategic supply chains

Government investments are altering downside risk, return expectations and the long-term investment case for some companies

The US is joining a global trend of sovereign investment funds becoming new, powerful venture capitalists – actively scouting startups themselves, investing earlier and even creating their own standalone VC arms.

Sovereign funds are becoming the new venture capitalists

They are especially suited for investing in high-risk, capital-intensive and long-horizon tech ventures

The Trump administration has signalled interest in taking a stake in TikTok through golden shares, granting veto power over key corporate decisions.

INSIGHTS FROM CFA SOCIETY SINGAPORE

Intel, TikTok and a US sovereign wealth fund: When politics, tech and capital markets intersect

What the new model of American state capitalism means for investors

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