On August 19, U.S. Commerce Secretary Gina Raimondo disclosed that the U.S. government is in negotiations with Intel to replace the subsidy policy outlined in the CHIPS and Science Act with a shareholding arrangement. Raimondo underscored that this proposal does not entail granting the U.S. government any governance or voting rights. She took issue with the CHIPS Act, which was signed into law by former President Joe Biden, asserting that it provided subsidies to semiconductor manufacturers without offering any tangible return to American taxpayers. Raimondo clarified that the objective of this initiative is to transform the grants issued during the Biden administration into non-voting equity stakes. The discussions with Intel signify a notable shift in U.S. semiconductor policy and, if successful, could set a precedent for similar agreements with other chip manufacturers. Furthermore, Raimondo emphasized that due to national security concerns, the U.S. aims to reestablish some chip manufacturing capabilities within its borders.