Scott Bessent stated the government is considering investments in other strategic sectors, including shipbuilding.
U.S. Treasury Secretary Scott Bessent reportedly said on Wednesday that taking a government stake in chipmaker Nvidia (NVDA) is “not on the table.”
In an interview with Fox Business, Bessent stated that while taking a stake in Nvidia is off the table, the government is considering investments in other strategic sectors. “I don’t think Nvidia needs the financial support,” he said. Nvidia’s stock edged 0.7% higher in pre-market trade, as retail sentiment on Stocktwits edged higher within ‘bullish’ territory over the past day amid ‘high’ levels of chatter. The AI bellwether is scheduled to report its second-quarter (Q2) earnings after the closing bell.
While the government may not be interested in taking a stake in Nvidia, U.S. Commerce Secretary Howard Lutnick has said that the chipmaker’s CEO, Jensen Huang, has played an active role in shaping the country’s chip policy.
Bessent also echoed President Donald Trump’s comments from the bilateral meeting with South Korea, stating that the government is looking into shipbuilding as a potential area of investment.
The Treasury Secretary criticized airplane maker Boeing (BA) for prioritizing buybacks over investing in research and development. He said the aerospace giant has been “crippled for several years” despite once being a “great” company. Boeing’s stock edged 0.12% higher in pre-market trade as retail sentiment on Stocktwits edged upward to ‘neutral’ from ‘bearish’ territory over the past day. The company has played a key role in President Trump’s trade agreements with other countries. On Monday, it was announced that Korean Air ordered 103 jets from Boeing, shortly after Trump met with South Korean President Lee Jae Myung.
On the trade front, Bessent said he expects things to come together with India over time. He also noted that Canada has already signaled a willingness to join secondary tariffs. He added that with each meeting with China, progress is being made.
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