US Treasury Secretary Scott Bessent on government’s plans to acquire Nvidia’s shares: ‘...there could be things like...'

US Treasury Secretary Scott Bessent has confirmed that the Trump administration is not planning to acquire a stake in Nvidia. While the government intends to invest in industrial companies, the decision to avoid a stake in the US-based chip giant aims to reduce uncertainty for investors, Bessant noted. The White House's plan to take positions in private companies, a move previously seen with another chipmaker, Intel, has raised concerns among investors about potential share dilution. The policy has also caused discomfort among some of US President Donald Trump's supporters, who oppose the idea of government investment in the private sector.In a Fox Business interview, Bessent said, “I don't think Nvidia needs financial support. That seems not on the table right now, but could there be other industries where we're reshaping, something like shipbuilding, that, sure, there could be things like that. These are critical industries that we have to, we have to be self-sufficient in the United States.”Apart from this, Bessent also dismissed a suggestion made by Commerce Secretary Howard Lutnick about the possibility of major defence contractors being the government’s next investment targets.“I don't know if we need to take stakes in defence companies. We'll see whether the defence companies are fulfilling their mission in terms of providing adequate and timely deliveries for the U.S. military as opposed to maybe an overemphasis on the shareholders," Bessent noted.Last week, the Trump administration announced that it had taken a nearly 10% stake in chipmaker Intel. In June, it had also intervened in Nippon Steel’s acquisition of US Steel, securing what Trump described as a “golden share” that grants Washington influence over the company’s operations.Trump has often expressed interest in creating a sovereign wealth fund, with senior aides describing the Intel investment as a “down payment” toward that goal. However, it remains unclear how actively the administration will implement this strategy, mainly since no such fund currently exists, and it has not even received congressional approval.