When President Trump unveils a massive investment in the microchip manufacturer Intel on behalf of the American people it will no doubt be accompanied by all the usual hyperbole. No doubt we will hear all about how it will be the ‘deal of the century’, delivered personally by the ‘investor in chief’. But hold on. Sure, we can understand why the President wants to help one of the US’s most strategic companies. But the blunt truth is that Intel is well past its peak – and it will prove to be a terrible deal. 

It will be one of the largest industrial investments the White House has ever made. According to reports today, the government is discussing taking a 10 per cent stake in Intel,........

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