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   DealBook: Billionaires, Biden and chips
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   Eric Schmidt and Peter Thiel want taxpayers to help fund a revival of U.S. semiconductor manufacturing.
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             June 9, 2022
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                  A push to reinvigorate U.S. chip-making.
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             The billionaires pressing Biden on chip-making
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             A group of billionaires has quietly assembled a push to get Washington to spend $1 billion on a new initiative to bring back semiconductor chip manufacturing back to the U.S. Eric Schmidt, former C.E.O. of Google and longtime Democratic donor, and Peter Thiel, a co-founder of PayPal and vocal supporter of former President Donald Trump, are both backers of the idea. They and others recently started an unusual nonprofit venture capital fund, called
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              America’s Frontier Fund
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             , to invest in American chip-making, and want taxpayers to help foot the bill,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              DealBook’s Ephrat Livni reports
             </a>
             .
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Semiconductors are the subject of deep national security anxieties.
             </span>
             They’re a foundational technology of modern life, not just in obviously digital devices but in everything
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              from cars
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             to military equipment. Over half the world’s chip-making capacity — and far more for the most advanced designs —
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              is in Taiwan
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             , which faces growing pressure from mainland China, itself an increasingly powerful player in the industry. As of 2020,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              according to a report by the Semiconductor Industry Association
             </a>
             , the U.S. had 12 percent of global manufacturing capacity.
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              The new venture group has strong ties both in Washington and on Wall Street.
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             It leads what the White House has described as “
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              an independent consortium of investors
             </a>
             ” across the Quad, the China-countering security partnership between the U.S., Japan, India and Australia. The fund’s C.E.O., Gilman Louie, is a former video games executive turned venture capitalist who led In-Q-Tel, a C.I.A.-backed venture fund. He was recently named to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              President Biden’s Intelligence Advisory Board
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             and testified before senators on strengthening
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              supply chains
             </a>
             .
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The fund has raised more than a few eyebrows.
             </span>
             Its backers have a
             <span style="font-style:italic;font-size:inherit">
              lot
             </span>
             of other potentially connected interests.
             <span style="font-style:italic;font-size:inherit">
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Schmidt has been criticized
             </a>
             for having too much influence in the Biden and Obama administrations; Thiel was thought to have Trump’s ear. “I’m not sure what that organization can accomplish that the U.S. government can’t accomplish itself,” said Gaurav Gupta, an emerging tech analyst at the industry research firm Gartner.
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             But the fund’s Louie said the skepticism wasn’t warranted: “If anything, we need more Eric Schmidts to get involved, not stand on the sidelines,” he said. “We need more technologists who have influence.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              At stake is U.S. primacy in the global innovation race.
             </span>
             The risk of inaction, industry experts say, is that China’s recent tech investments will put Chinese technology, and perhaps even ideology, in first place. “In our current trajectory, the U.S. is losing its grip,” said Edlyn Levine, a quantum physicist and one of the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fund’s founders
             </a>
             . She added, “Whoever leads has a first mover advantage and actually will dominate in that sector the same way the United States did in early semiconductors.”
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             That’s a question being asked by the fund’s skeptics. The founders say they are committed, whether or not they get federal funding, and they have also started a related fund raising money from nonprofits. “I don’t need the government to give us permission to go save the country,” Louie said. “It’d be nice if they would help us.”
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              The European Central Bank prepares for its first rate increase in 11 years.
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             The bank is set to confirm just how soon its bond-buying program will end and
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              reaffirm plans to raise interest rates over the summer
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             . Policymakers have been spurred into action across the eurozone as inflation has outpaced economists’ expectations.
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              Wall Street criticizes the S.E.C.’s proposed changes to stock-trading rules.
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             Brokerages and trading firms pushed back at plans from the regulator’s chairman, Gary Gensler. They said that the current system was working well and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              benefited individual investors by allowing for zero-commission trades
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              Microsoft changes some workplace policies and practices.
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             The software giant said it would stop enforcing noncompete clauses in the U.S., have its workplace policies audited next year and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              publish salary ranges in all of its U.S.-based job postings
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             by January. It also recently promised to acknowledge
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              the rights of its employees to unionize
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              The PGA Tour will announce disciplinary measures against golf players who participate in a Saudi-funded league.
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              The New York Post reported
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             that the measures could include suspensions. The LIV tournament,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              whose biggest investor is the sovereign wealth fund of Saudi Arabia
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             , has Phil Mickelson as one of its most prominent pros and a chief recruiter.
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             The U.S.’s top antitrust cop is ready for action
            </h2>
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             Nearly a year into her job as chair of the Federal Trade Commission, Lina Khan’s record has lacked a signature action against the industry, and she hasn’t made the splash that many expected.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Khan was appointed by President Biden to shake up an agency that has long quivered at the power of the tech giants, but Republican lawmakers and the U.S. Chamber of Commerce have also fought her at every turn, describing her as anti-business and overbearing. At the F.T.C., staff morale has plummeted, according to a recent survey, and senior officials have left.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              That may change now that she has a Democratic majority.
             </span>
             Last month, Congress confirmed Alvaro Bedoya as the F.T.C.’s fifth commissioner,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              giving Democrats 3-2 control
             </a>
             of the agency’s leadership. In a 20-minute
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              interview this week with The Times’s Cecilia Kang
             </a>
             over Zoom, she said she was preparing to unleash an aggressive agenda and “the best is yet to come.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Focusing on dominant actors in markets is going to be a priority, she said.
             </span>
             “You can expect to see big lawsuits,” she said. “We’re definitely focusing our resources on litigating. With limited resources, we’re having to focus on what we see as some of the biggest problems.”
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Asked whether her work could really rein in tech, which often outpaces rule-making and policy, she said that a lot of the work the agency had done had “broadened the aperture” for understanding, recognizing and diagnosing harm. She said her aim was to anticipate problems down the line and take swift action.
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             “I think this goes back to being attentive to these next-generation technologies and next-generation innovations in nascent industries across sectors,” Khan said. “Those can really help us tackle problems at the inception.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A key focus for Khan is reviewing merger guidelines.
             </span>
             These are
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              internal rules
             </a>
             that the F.T.C. follows in its reviews of mergers alongside the Justice Department. Khan said these rules needed to be “fully adhering to existing law” while also accurately reflecting the ways companies “illegally acquire” power to fend off competition. “We’re going to continue enforcing the law vigorously, prohibiting illegal mergers, prohibiting unlawful business practices,” she said.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “As much as we grumbled about going back to work, we all understood that it was going to happen. But the second we started going, we realized how silly it was.”
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Barrett Kime, a senior creative director at NBCUniversal, on how
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               bosses lost leverage in their bids to bring workers back to offices.
              </a>
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             A new low-interest loan for U.S. immigrants
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             In the long, long road to U.S. citizenship, immigrants face hefty financial obstacles. All in, including green card, application for citizenship, legal fees and payments for processors, at least
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              one estimate
             </a>
             puts the cost of citizenship at as much as $11,000.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A new program, financed by BlueHub Capital, aims to address that cost.
             </span>
             It offers a 1 percent interest loan to immigrants eligible to apply for citizenship. There are nine million immigrants eligible for citizenship in the U.S., BlueHub estimates, but the program has started small. Since it began in March, about 70 people have applied, according to Elyse Cherry, BlueHub’s C.E.O.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “We have built this to be a scalable model, so we expect it to work with thousands and thousands of borrowers,” Cherry told DealBook. “What we’re really trying to do here is to build out a community of immigrants and all of the folks from the country who support them.” The loan has no credit requirements or late or hidden fees.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Many immigrants already take out loans to cover costs associated with the citizenship process, but usually at very high fees.
             </span>
             A survey conducted by a group affiliated with BlueHub of more than 1,200 people, found that 90 percent of immigrants borrowed to pay for citizenship. Two-thirds of borrowers said they drew on high-interest financing such as credit cards or payday lenders. A
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              2018 study by Stanford University researchers
             </a>
             found that subsidies could make a significant difference. According to the study, low-income immigrants who received fee vouchers to assist with the application cost naturalized at double the rate of those who did not.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Compared with Canada, Australia and Britain, the percentage of immigrants to the U.S. who become citizens is low.
             </span>
             And U.S. naturalization rates have declined markedly between 1970 and 2011, the Stanford study found. This matters because citizenship is associated with economic and social gains, both for individuals and for the places where they live. Gaining legal status generally leads to better job prospects, higher incomes and higher rates of homeownership, research has shown. And that’s on top of all the other rights and benefits of citizenship.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Luiz Sebastião Machado, a 72-year-old from Brazil who fixes vacuum cleaners and other equipment, said he was applying for citizenship using the 1 percent loan so he could have access to social security benefits once he retired.
            </p>
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         </tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Adina Appelbaum, a co-founder of financial planning firm Immigrant Finance, told DealBook that access to such a loan would make a significant difference to immigrant families. “One of the primary reasons that immigrants cannot apply for citizenship is the high fees,” she said.
            </p>
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           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
            </h3>
           </td>
          </tr>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Deals
             </span>
            </p>
           </td>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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           <td style="padding:0 0 5px">
            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Apollo Global Management and Mukesh Ambani’s Reliance Industries
               </a>
               have reportedly made a bid for the British pharmacy chain Boots. (FT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               An 18-month frenzy of SPAC deals enriched Wall Street, but, in some deals, left investors
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                with heavy losses
               </a>
               . (FT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                rising price of leverage loans
               </a>
               may squash a buyout boom. (WSJ)
              </span>
             </li>
            </ul>
           </td>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Policy
             </span>
            </p>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Bank C.E.O.s were absent from
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                a letter signed by over 200 corporate leaders
               </a>
               in support of gun legislation. (Axios)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The televised
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Jan. 6 committee hearings
               </a>
               will include previously unreleased video of testimony from Trump family members and former top aides. (NYT)
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               Big Tech companies
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                have poured nearly $40 million into ads
               </a>
               to dissuade lawmakers from beefing up antitrust rules. (WSJ)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “The I.R.S. Is Coming for
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Your Venmo Income
               </a>
               ” (Bloomberg)
              </span>
             </li>
            </ul>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Best of the rest
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “Start-up Cerebral Soared on Easy Adderall Prescriptions.
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                That Was Its Undoing
               </a>
               .” (WSJ)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Apple Pay Later will offer
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                loans in-house
               </a>
               instead of through Goldman Sachs. (FT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Donald Trump is expected to be
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                questioned under oath
               </a>
               next month by lawyers from the New York attorney general’s office. (NYT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               There’s another global shortage:
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sriracha
               </a>
               . (Bloomberg)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Fear, loathing and
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Google Docs collaboration
               </a>
               . (WSJ)
              </span>
             </li>
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