Micron, TSMC rise amid report that the Trump administration will not pursue equity stakes in exchange for CHIPS Act subsidies

Micron and TSMC are rallying following a report from The Wall Street Journal that the Trump administration will not seek equity in these companies in exchange for subsidies received as part of the Biden-era CHIPS Act, which aimed to boost US semiconductor production capacity. The report cites a government official.

The WSJ previously reported that TSMC was considering returning those subsidies if the US government pushed for an equity stake.

However, based on recent comments from Commerce Secretary Howard Lutnick, the US government is still pursuing a 10% position in beleaguered chipmaker Intel.

Nvidia CEO Jensen Huang, for his part, told reporters in Taiwan that “anyone who wants to buy TSMC stock is a very smart person,” calling the chip giant “one of the greatest companies in the history of humanity.”

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Broadcom soars as rave reviews for Gemini 3 boost appeal of its custom chips

When spectators saw Michael Jordan blossom as a basketball star, it made them want to buy Nike’s Air Jordans.

Mizuho reckons there’s a similar halo effect for Broadcom based on the rave reviews for Google’s latest GenAI model, which include this ringing endorsement from Salesforce CEO Marc Benioff.

Holy shit. I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane — reasoning, speed, images, video… everything is sharper and faster. It feels like the world just changed, again. ❤️ 🤖 https://t.co/HruXhc16Mq
— Marc Benioff (@Benioff) November 23, 2025

“Gemini 3 was trained and powered on Google homegrown TPU chips, which benefits partner AVGO,” wrote Daniel O’Regan, Mizuho’s managing director of equity trading.

Custom chips (ASICs) are Broadcom’s specialty, and as O’Regan noted, Google and Broadcom codesigned these building blocks for Gemini 3. Boosts to Google’s capex budget have tended to buoy shares of Broadcom, since it’s a big beneficiary of these outlays.

The early positive reception to Gemini 3 implies that: a) Google will want to continue this relationship (and need more chips for training and inference!), and b) other GenAI developers might be more willing to pursue the custom chip route for AI models and inference, perhaps eating into market share for Nvidia’s GPU-based solutions.

To this end, Broadcom announced a collaboration with OpenAI in mid-October to develop and deploy 10 gigawatts of custom AI accelerators.

Nvidia CEO Jensen Huang has argued that GPU-centric data center solutions are superior because of how ubiquitous the firm’s CUDA software is in high-performance computing.

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