Yesterday, Secretary of Commerce Howard Lutnick dropped a bombshell when asked by Axios about the next target after the government’s deals giving it 15% of Nvidia’s revenue from AI chips sold to China and plans to take a stake in U.S. Steel, which he said will be universities. While that might sound appealing on the surface, if put into practice, it’s much more likely to shoot American innovation in the foot than to create a promising source of government revenue.
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