U.S. Commerce Secretary Howard Lutnick said the Trump administration is weighing further equity investments in private companies, with the defense sector a prime candidate, after the government’s recent 10% stake in Intel. In an interview on CNBC, Lutnick described a “monstrous discussion” under way about how to finance munitions production and suggested Washington could take minority holdings in firms that rely heavily on federal contracts if they require assistance. Lutnick singled out Lockheed Martin, noting that roughly 97% of the company’s revenue comes from the U.S. government, as an example of how closely some defense contractors depend on public funding. He added that patents arising from university research backed by federal grants should list the government as a stakeholder, and said more talks are needed on the financial architecture for future munitions purchases. The secretary stressed that the administration is “not about giving away money,” contrasting its stance with past subsidy programs, and reiterated that other countries routinely support their domestic industries. While rejecting the immediate creation of a sovereign wealth fund, Lutnick said officials are studying a possible National and Economic Security Fund to channel investments tied to strategic goals such as semiconductors, antibiotics and rare earths. Beyond industrial policy, Lutnick criticized the handling of the CHIPS Act and repeated the administration’s view that U.S. interest rates should be lower to support growth. He concluded that any decision on taking government stakes will be resolved “between CEOs and the president.”