Bessent: Trump not eyeing Nvidia shares, downplays defense industry stake

• But those plans have also created uncertainty for investors about who would be targeted and how much existing shareholders would be diluted.
• It's also raised discomfort among segments of Trump's base that shun the very idea of government investment in the private sector.

What they're saying: "I don't think Nvidia needs financial support. That seems not on the table right now — but could there be other industries where we're reshaping, something like shipbuilding, that, sure, there could be things like that," Bessent said in a Fox Business interview.

• "These are critical industries that we have to, we have to be self-sufficient in the United States."

Yes, but: Bessent threw cold water on a suggestion by Commerce Secretary Howard Lutnick that major defense contractors could be investment targets.

• "I don't know if we need to take stakes in defense companies. We'll see whether the defense companies are fulfilling their mission in terms of providing adequate and timely deliveries for the U.S. military as opposed to maybe an overemphasis on the shareholders," Bessent said.

What to watch: Trump has often talked of wanting a sovereign wealth fund, and top aides have referred to the Intel investment as "down payment" on the creation of such a fund.

• It remains to be seen how aggressively they will pursue that strategy, particularly as a fund doesn't formally exist or have congressional approval yet.

Editor's note: This is breaking news. Check back for updates.

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