This week: the White House engineering Intel’s comeback, memory chipmakers cashing in on the AI boom, and why Apple’s privacy crusade might be quietly handing more power to Google and Amazon.

1. The White House Made Fixing Intel Its Pet Project. It’s Working.

Robbie Whelan
Published: 07/10/2026

White House pushes Apple and Nvidia to partner with Intel as part of state-led effort to ensure US semiconductor independence
The U.S. needs a national champion in semiconductors, and Intel’s turnaround is looking real. The Trump administration took a 10% stake by converting $9 billion in federal grants into equity, then leaned on Apple, Nvidia, and SpaceX to sign on as customers and partners.

TSMC’s inability to keep up with demand, and its caution about expanding capacity, is opening a real window for Intel. Pushing American companies toward Intel gives it the capital it needs to keep building out its manufacturing processes.

Filed Under: #wsj #semiconductorIndustry #industrialPolicy #intel #stateCapitalism

2. AI Has Made Memory Chips More Valuable Than Oil

Dan Gallagher
Published: 05/29/2026

AI demand pushes Samsung, SK Hynix and Micron to $1T+ market caps as long-term supply deals reduce volatility
Samsung, SK Hynix, and Micron have each crossed $1 trillion in market cap, worth more combined than the world’s top oil companies. AI demand for memory chips now outstrips supply, and makers are locking hyperscalers like Microsoft, Google, and Amazon into long-term contracts instead of selling at volatile spot prices.

Consumers are already feeling it: Apple and other manufacturers have raised prices, and some charts show the same memory chip costing nine times more than it did a year ago. Expect the increases to keep coming as hyperscalers keep buying up supply.

Filed Under: #wsj #semiconductors #memoryChips #aiInfrastructure #marketValuation

3. Privacy Labels and Lookalike Audiences

Ben Thompson
Published: 12/08/2020

Apple’s privacy labels and ATT risk empowering Google and Amazon by destroying the targeted advertising tools used by independent competition
Ben Thompson’s case: Apple’s privacy labels and App Tracking Transparency sound consumer-friendly, but they mainly kill the targeted-advertising tools that let small merchants compete. Google and Amazon barely feel the impact since their data stays inside closed ecosystems, while independent sellers lose the ability to find a global audience through tools like Facebook’s lookalike audiences.

It’s a hard argument to make when Facebook is so unlikable, but the outcome favors the biggest players over everyone else.

Filed Under: #stratechery #privacy #advertising #bigTech