SPAC to the Future
Chamath’s back, Masa’s back, and Intel suddenly looks like a meme stock in disguise
Froth is forming.
Animal spirits are humming.
The ghosts of 2021 are stirring.
Prepare for liftoff?
Intel gets a vote of confidence (and a government backstop)
SoftBank just committed $2 billion to Intel, buying shares at $23 each (a slight discount to the prior close of $23.66), making it the chipmaker's sixth-largest shareholder with about a 2% stake. (WSJ)
Markets cheered. The stock popped over 5% in after-hours trading.
This coincided with reports that the Trump administration is considering converting Chips Act funding (~$8B) into a 10% equity stake in Intel. (WSJ)
This also loops back to my latest Margin of Signal post, where I flagged Intel as a long idea because these structural forces had already been aligning.
Panic, Progress, and the Playbook
If the U.S. government takes an equity stake in Intel, it won’t be charity, it’ll be statecraft. Framed as a national-security project, the government could pair capital with policy (tax breaks, procurement guarantees, tariff leverage) to pull Intel’s domestic fabs across the finish line and compel order flow from big buyers.
If you were already long going into these announcements, congrats. If not, I don’t think it’s too late. This thing could be headed a lot higher, as the turnaround story is just getting started.
Masa is running back his dot-com playbook. You truly love to see it.
The SPAC King is Back
Chamath Palihapitiya is raising the SPAC curtain again, this time under the theme of “American exceptionalism.” His new SPAC is a signal that liquidity and speculative optics are back.
The SPAC S-1 literally says only invest what you “can afford to completely lose" and "no crying in the casino.”
If you remember 2021, Chamath was everywhere: CNBC appearances, Twitter threads about democratizing access, and SPAC decks promising TAMs the size of the galaxy. That cycle ended in a crash, but not before it minted him as the undisputed SPAC King.
And here he is again.
Because, of course, nothing says “back to the future” like Chamath dusting off the SPAC machine.
These aren’t isolated headlines. They’re all part of the same narrative: big capital, policy alignment, and speculative vehicles are reactivating in unison.
That’s market froth ahead of ignition.
When Masa is rerunning his dot-com playbook and Chamath is reviving his 2021 SPAC antics, you don’t need a crystal ball to know the cycle is turning. Market exuberance is back, ladies and gentlemen.
Position accordingly, and good luck out there.
Disclosure: I hold shares in Intel (INTC) and SoftBank (9984.T / SFTBY). This post reflects my personal views and is for informational purposes only. It is not financial advice. Please do your own research before making investment decisions.