US Commerce Secretary Howard Lutnick said on CNBC that the Trump administration is discussing whether the federal government should buy equity stakes in major defense contractors, describing “monstrous” internal deliberations at the Pentagon. Lockheed Martin, which he noted earns roughly 97% of its revenue from Washington, was cited as a leading candidate. Lutnick framed the idea as an extension of last week’s deal in which the government obtained nearly a 10% holding in Intel Corp. through about $11.1 billion in CHIPS and Science Act funding. He argued that companies receiving substantial taxpayer support should give the public a direct financial interest, adding that similar stakes could help finance munitions purchases and align economic and national-security goals. The commerce chief stressed that any firm seeking assistance would negotiate directly with President Donald Trump and could face partial nationalization rather than traditional subsidies. He also said the administration has no plans to create a sovereign wealth fund, underscoring that the equity approach reflects a case-by-case strategy rather than a broad shift to state ownership.