The state capitalism of the United States, this week the US government will use the $8.9 billion subsidy funds approved but not yet disbursed for the Biden era CHIPS to acquire 10% of Intel's shares and an additional 5% of the shares over a 5-year period for the option to acquire; Succession: 1) In June, Trump signed an executive order to conditionally approve the acquisition of 100% shares of American Steel by Japan Iron&Steel Co., Ltd., and the American government will appoint a director and hold the veto power for major decisions; 2) In July, the US Department of Defense subscribed for 15% of MP Rare Earth Materials' newly issued preferred shares and 10-year warrants for $400 million; 3) If we also include Nvidia's agreement to share 15% of H20 chip sales in China with the US government; This year marks the fourth company in which the US government holds equity/income rights/guides decision-making. This week, Commerce Secretary Lutnik also said that holding a 10% stake in Intel is just the beginning of a series of transactions, and in the future, American taxpayers may hold private enterprise shares on an unprecedented scale. Lutnik specifically named Lockheed Martin, indicating that the defense industry is the next important sector. The logic behind this is that Trump and its team believe that free competition alone can no longer win in the long-term and comprehensive strategic competition of G2. The industries in which the US government is deeply involved are directly related to defense, infrastructure, energy transformation, and technological competition. Through equity intervention, they directly affect corporate decision-making, ensure the domestic supply of strategic materials, and avoid excessive dependence on foreign countries. Government intervention aims to ensure the stability and autonomy of key supply chains. Trump also mentioned the idea of establishing a sovereign wealth fund by holding shares (such as Intel and MP materials), so that American taxpayers can directly benefit from corporate earnings. As early as last year, Milan, Trump's consultant, said in the well-known report "Guidelines for Restructuring the Global Trading System" that we should create a sovereign wealth fund, and reduce the leverage of the US balance sheet by converting the natural resources, mineral rights and strategic assets of the United States into equity as part of asset monetization. It seems that the US sovereign wealth fund is indeed advancing a little. These actions already have the shadow of state capitalism