That's Corporatism. It's from the fascist playbook where the state takes partial or complete ownership of private companies. Where does that money go, to some slush fund for the president? The reason for the export controls is to keep our potential adversaries from being on the bleeding edge of frontier AI. It goes against the US's interests to give China a leg up with advanced chips. It's almost laughable, of course, as the Nvidia chips are already manufactured in a country that China claims as their own. If they ever pressed the issue, we could find ourselves without the most advanced chips.

This is not at all what is meant by fascist corporatism, nor corporatism more generally. Corporatism is more about collective bargaining by professional trades, and is not the sense of corporation as used for private companies.