As the focus of U.S. industrial policy, which emphasized market autonomy, shifts toward national security, the government is increasing its intervention and control. A representative example is when the Donald Trump administration became the largest shareholder by acquiring 10% of the equity in semiconductor company Intel.
However, the influence of the Trump administration, which is gradually transforming American capitalism into state capitalism, is being sensed not only in the semiconductor sector but also across various industries.
U.S. Secretary of Commerce Gina Raimondo recently noted in an interview with CNBC that defense corporations such as Lockheed Martin, Palantir, and Boeing, which derive a significant portion of their revenue from the government, are essentially "a part of the U.S. government," adding that "there is a huge discussion about defense corporations." This means that the Trump administration could also secure equity in defense companies that generate revenue from government contracts. In fact, when announcing the acquisition of Intel equity, President Trump stated, "We will make more of these transactions."
This movement by the U.S. government is expected to create quite complicated ripple effects in both domestic industries and the capital market.
It could pose a challenge for domestic semiconductor corporations directly competing with American firms. As the U.S. government actively intervenes to save Intel, which is facing a crisis, there is a high possibility that many major American tech companies will funnel semiconductor supplies to the state-owned company Intel.
While fiercely competing with American corporations to secure contracts, they must also withstand the increasing pressure from the U.S. government. The Trump administration's acquisition of Intel equity in exchange for subsidies is ultimately interpreted as a message pressing Korean corporations for additional investment in the U.S.
The trend of approaching corporations and industries with a state-capitalism mindset rather than respecting corporate autonomy could potentially spread to major countries. There is also a possibility that the South Korean government could pursue similar policies, referencing movements by the U.S. government.
KB Securities researcher Lee Eun-taek analyzed that "the Trump administration's acquisition of Intel equity is a form of passive ownership, but it is hard for corporations to ignore," adding, "This is not merely Trump's policy but a trend that could gradually spread to other countries."
In this context, KB Securities mentioned the 100 trillion won fund for artificial intelligence (AI) announced by President Lee Jae-myung. President Lee stated, "We will establish a national fund of over 100 trillion won, in which the public and corporations will participate, to invest in future strategic industries that will lead the next 20 years."
This fund, matching 50 trillion won from government budgets and over 50 trillion won from the private sector, emphasizes public participation such as community-based models to invest in innovative projects like AI, semiconductors, and data centers, suggesting it could follow the model of the Trump administration's acquisition of Intel equity.