The United States is weighing whether to take equity stakes in major semiconductor companies as part of its CHIPS Act program. This move would mark a significant shift in Washington’s industrial policy, according to people familiar with the matter.

Howard Lutnick, a key figure in the administration’s economic strategy, has been leading discussions on the proposal, with Treasury Secretary Scott Bessent also involved, the sources said. While Lutnick stressed earlier on CNBC that the government does not want to dictate how Intel or other firms operate, any direct investment would be unprecedented and signal a new era of U.S. influence over corporate decision-making.

The $52.7 billion CHIPS and Science Act, overseen by the Commerce Department, was designed to boost domestic semiconductor production through grants and research funding. So far, subsidies have been awarded to major players including Samsung ($4.75 billion), Micron ($6.2 billion), and Taiwan Semiconductor Manufacturing Company ($6.6 billion).

Lutnick has argued that equity stakes could align corporate strategies more closely with U.S. national security and economic priorities. President Donald Trump, who signed off earlier this year on Nippon Steel’s acquisition of U.S. Steel in exchange for a “golden share” arrangement, is said to be supportive of the idea. That deal required the company to maintain certain investment and job commitments in the United States, while limiting plant closures without presidential approval.

In June, Lutnick signaled the administration was reconsidering some of the semiconductor grants issued under former President Joe Biden, describing them as “overly generous.” At the time, he noted that Micron had offered to boost its planned investments in U.S. chip facilities.

If adopted, the equity approach would give Washington a deeper financial stake in the semiconductor industry, underscoring the sector’s growing strategic importance.