US Government Strategic Equity (Intel stake + de-facto SWF + Thrift Savings Plan)
US federal government — Dept. of Commerce (Intel equity from CHIPS conversion); a proposed/de-facto US sovereign wealth fund per the 2025 executive order (advocated by NEC's Kevin Hassett); and the Federal Retirement Thrift Investment Board, which runs the Thrift Savings Plan (TSP) — the de-facto US state retirement book.
The closest thing to a US sovereign AI/semi book has three strands. (1) A direct 10% US-government equity stake in Intel (Aug 2025), converted from $8.9B of CHIPS/Secure-Enclave awards — a literal state holding in a leading-edge foundry, with a warrant for +5% if Intel loses foundry majority. (2) A proposed US sovereign wealth fund (2025 EO) that today is an ad-hoc bundle of stakes (Intel, a US-Steel golden share, TikTok, seized crypto). (3) The TSP's C Fund — an S&P 500 index whose top holdings are Nvidia, Broadcom, Apple, Alphabet and Microsoft — making federal employees' $1T+ the de-facto US state book most exposed to the AI trade.
Top holdings
~10% government stake — Direct US-gov equity from $8.9B CHIPS conversion (Aug 2025); passive, no board seat; warrant for +5%
top S&P 500 weight — Largest holding of the ~$1T TSP C Fund index
top-5 C Fund — AI-semi exposure inside federal retirement book
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Our take
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