The paper claims that Intel was once a towering symbol of American industrial might but was now in a perilous situation, with its market values in steep decline. This downturn.

The Journal argues that America is losing its competitive edge in manufacturing high-tech products, a vital factor in its geopolitical rivalry with China.

Unlike previous declines in US manufacturing, the struggles at Intel are primarily the result of internal failings where the company prioritised short-term financial performance over long-term engineering excellence.

However, the danger for the US semiconductor if Intel goes too far into that quiet night would be profound, threatening the nation’s broader technological ecosystem. It might even force the US government to consider socialist tactics such as nationalisation to prevent it from happening.

The Journal said there may be no alternative if national security is at stake.

“So, much as national leaders would like to ignore these companies’ woes, they can’t. National security dictates the US maintain some know-how in making  semiconductors.”

The US is not alone in grappling with these challenges. European governments have long provided substantial subsidies to Airbus, while China has spared no expense in its drive for technological dominance. China’s so-called Big Fund has invested approximately $100 billion in its semiconductor industry. According to the Centre for Strategic and International Studies, government aid to the aviation firm Comac had reached $72 billion by 2020.

Both major U.S. political parties now seem to agree that manufacturing is of particular importance and thus worthy of public support. This raises a critical question: which sectors should be prioritised, and what form should that support take?