China has established a diversified investment portfolio through investments in rare earth mining, ownership of American steel company shares, and participation in chip enterprise assets. In 2025, Nvidia and AMD each abandoned 15% of their chip sales revenue to China in order to obtain export licenses. The U.S. government holds 9.9% of Intel’s shares, funded by the Chip Act, and also owns a stake of $26.7 billion in approximately 30 enterprise assets.
The U.S. government holds 9.9% shares in Intel, funded by the US chip act. It also owns “golden shares” in American Steel. It has invested $400 million in the rare earth mining company MP Materials and holds a stake worth $26.7 billion in approximately 30 companies. In 2025, Nvidia and AMD each gave up 15% of their chip sales revenue to China in order to obtain export licenses. For forty years, the country has advised allies to avoid “choosing the winner,” but now it has established its own investment portfolio. The U.S. has not fully transitioned to a national-led model yet.