Week of August 25, 2025
The Trump administration has announced plans to take a 10% stake in Intel. Perhaps, then, Nvidia should begin preparing its negotiation strategy with the U.S. government now, while it is still in a position of strength—so that when its turn inevitably comes, it can secure “better” terms than Intel. The absurdity of such a scenario underscores just how misguided this intervention truly is. As Friedrich Hayek warned in The Road to Serfdom (1944), government entanglement in free markets leads to consequences that are neither efficient nor beneficial. Our Signals remain unchanged.
Bob Bilkie, CFA
