The US government is taking a cut of a chip business in a Japan-funded deal. That turns a subsidy into a claim on upside and changes how the Street should underwrite government-backed fab economics. I

What happened: The U.S. government is directing Japanese funds into a government-owned chip factory in upstate New York, with the administration taking a cut of the chip business. Why it matters: The arrangement reflects President Trump's novel deal-making approach, with the government holding an ownership stake in semiconductor production.

The U.S. government is directing Japanese funds into a government-owned chip factory in upstate New York, with the administration taking a cut of the chip business.

The arrangement reflects President Trump's novel deal-making approach, with the government holding an ownership stake in semiconductor production.