U.S. President Donald Trump said on Monday he wanted to increase investment in U.S. companies, but it was unclear whether the U.S. business community would support it. The White House announced on Friday the acquisition of nearly 10% of Intel, a deal that converts government subsidies into equity.

Trump on Monday reiterated his pledge to pursue more Intel-like deals.

Analysts pointed out that this approach of the U.S. government deviates from the U.S.’s understanding of the economy for decades. In the past, governments have only taken stakes in private companies during rare emergencies, such as the 2008 global financial crisis and subsequent bailouts of U.S. auto companies. Intel may be in trouble, but the company still has $9 billion in cash and a market capitalization of $105 billion.

Critics say the Intel deal, combined with the White House's sweeping pressure to force the Federal Reserve to cut interest rates, use of emergency powers to impose import tariffs and intervene in mergers and acquisitions, threatens the agility of the business community.

“We are moving away from a capitalist economy and toward an economic model with more state participation. This is a major shift in the U.S. economy,” said Bill George, former CEO of Medtronic and an executive education fellow at Harvard Business School. “I have never been through a time like this.”

Trump posted on Truth Social on Monday that he would "work around the clock to make deals like this for the country" and praised the company's stock price. In the post, he said that companies that have reached "lucrative deals" with the US government will receive support, but did not provide specific details. Intel has promised to use Chip Act funds to build factories in the United States.

Intel's regulatory filing on Monday made the risks of government involvement more apparent, with the company outlining a number of new risks posed by government investments, including the potential to harm international sales and limit the ability to receive future government subsidies.

Intel CEO Chen Liwu went further in a video released by the Commerce Department on Monday: "I don't need subsidies, but I really look forward to the U.S. government becoming my shareholder."

Analysts have also raised concerns about the impact of the Intel deal on customers. "Will the government 'encourage' Intel customers to use its production capacity?" Bernstein analyst Stacy Rasgang elaborated on his view in the report.

Intel is not the only company Trump has personally invested in.

The White House stepped in in June to ensure Japan's Nippon Steel completed its acquisition of U.S. Steel. Trump calls this a "golden stake" that gives Washington operational control. The White House has also taken a stake in rare earth company MP Materials, and White House economic adviser Kevin Hassett said on Monday that the government may take stakes in more companies.

“It’s like playing Monopoly and the bankers start playing with their own money — it completely breaks the rules of the game,” said Nell Minow, chairman of ValueEdge Advisors in Portland, Maine.

The White House claimed that the move was to increase production in key U.S. industries rather than outsource manufacturing.

Trump received many CEOs soon after his re-election in November 2024, and this wave of visits from corporate executives continued into his current term. Apple CEO Tim Cook presented Trump with a customized 24K Utah gold commemorative plaque earlier this month. One of the world's largest companies with a market capitalization of more than $3 trillion has tried to move production from China to India, a decision Trump has criticized. Apple announced a $600 billion investment plan in the United States, and the White House hinted that Apple could also produce smartphones in the United States - although the United States has limited smartphone manufacturing capabilities.

"I think companies are starting to think about how much control and ownership they are willing to cede to government," George said.

Related articles:

Trump says the government will have "a steady stream" of deals like Intel's stake