Intel’s Problems Can’t Be Fixed By the Government: Editorial

What to do about Intel Corp., the once-storied, now-spiraling US chipmaker?

After years of poor decision-making, Intel’s semiconductors lag competitors and its foundry business has no major customers. It has mostly missed the boat on artificial intelligence. Last year, amid a restructuring, it fired its chief executive, slashed its dividend, undertook mass layoffs and lost about $19 billion.

One thing not to do: Give the US government a 10% equity stake in the company, as the White House has just done. Although the administration has given few details about how this arrangement will work, the risks are all too ...