By Christopher Gannatti, CFA, Global Head of Research; and Samuel Rines, Macro Strategist, Model Portfolios Key Takeaways Introduction: Intel's Rescue, Chapter Two Just weeks ago, Washington made headlines by taking a nearly 10% equity stake in Intel, marking the first time in decades that the U.S. government chose permanent capital over conditional subsidies. We wrote then that this moment represented a fundamental shift in industrial policy: away from clawbacks and tax credits, toward risk-sharing owner ...