Commerce Secretary Howard Lutnick on Tuesday confirmed that the government wants Intel to cough up a 10% equity stake in exchange for nearly $8 billion in CHIPS Act funding approved by the Biden administration. Lutnick said the the stake would be a return on its “investment” in the struggling chipmaker.

U.S. Commerce Secretary Howard Lutnick on Tuesday confirmed the U.S. government is vying for a 10% stake in Silicon Valley pioneer Intel in an unusual deal that would deepen the Trump administration’s