What Sputnik couldn’t do to American science, Beijing has
The US government holds stakes in roughly 30 firms worth US$26.7 billion, including 9.9 per cent of Intel, a golden share in US Steel, and US$400 million in MP Materials. In 2025, Nvidia and AMD gave up 15 per cent of their China chip sale revenues for export licences. The National Security Science and Technology Strategy, unveiled on August 18, marks a shift toward treating technological leadership as a security objective, with tighter scrutiny of foreign investment and research security as statecraft.
Why it matters: This reflects the theme of state capitalism and the securitisation of technology policy in the global economic order.