Trump Administration Rules Out Equity Stakes in TSMC and Micron

A senior US official clarified that the Trump administration is not seeking equity stakes in major chipmakers such as Taiwan Semiconductor Manufacturing Company (TSMC) and Micron Technology, despite plans to increase their investments in the United States.
While the government is considering taking equity in firms receiving support under the 2022 CHIPS and Science Act, the policy will not apply to large companies already committing significant new investments. TSMC recently announced a US$100 billion expansion in the US, while Micron has also boosted its investment plans.
Commerce Secretary Howard Lutnick had earlier signaled that Washington might pursue a 10% equity stake in Intel as part of its support package, but officials emphasized this approach does not extend to TSMC or Micron. Reports suggest TSMC has even considered returning subsidies if pressured to give up shares.
The CHIPS and Science Act provides US$52.7 billion to boost domestic semiconductor production, with TSMC awarded US$6.6 billion to build advanced facilities in Arizona. While most funding has yet to be disbursed, the administration has insisted on protecting US taxpayers’ interests by linking subsidies to potential returns, at least for struggling companies.