<p>➀ Companies like TSMC threaten to forgo U.S. Chips Act grants (e.g., TSMC’s $6.6 million subsidy) if required to grant equity to the government, unlike Intel, which accepted the terms in exchange for funding;</p><p>➁ The U.S. government acquired 433.3 million Intel shares (9.9% stake) at $20.47 per share, with no board rights but voting alignment, plus a warrant for 5% more shares if Intel’s foundry ownership drops below 51%;</p><p>➂ Analysts warn Intel’s deal risks shareholder dilution (10%) and pressure to deliver projects like the Ohio fab, reflecting broader industry resistance to equity-for-subsidy clauses.</p>