A year after being pushed out of Intel, Pat Gelsinger is still waking up at 4 a.m., still in the thick of the semiconductor wars ' just on a different battlefield. Now a general partner at venture firm Playground Global, he's working with 10 startups. But one portfolio company has captured an outsized share of his attention: xLight, a semiconductor startup that last Monday announced it has struck a preliminary deal for up to $150 million from the U.S. Commerce Department, with the government set to become a meaningful shareholder. It's a nice feather in the cap of Gelsinger, who spent 35 years across two stints at Intel before the board showed him the door late last year owing to a lack of confidence in his turnaround plans. But the xLight deal is also shining a spotlight on a trend that's making people in Silicon Valley quietly uncomfortable: the Trump administration taking equity stakes in strategically important companies. 'What the hell happened to free enterprise'' California...
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