Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.

Former Republican presidential candidate Nikki Haley condemned the Trump administration’s decision to take a 10 percent stake in Intel. “Biden was wrong to subsidize the private sector with the Chips Act using our tax dollars.

U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for grants under the CHIPS Act, which aims to spur factory-building in the U.

The deal is among the largest government interventions in a U.S. company since the rescue of the auto industry after the 2008 financial crisis.

The Trump administration is aiming to take an equity stake in Intel, according to US commerce secretary Howard Lutnick. Experts say the unconventional deal could backfire.

Hoping to bolster Intel’s $28 billion project in central Ohio, President Donald Trump’s administration is considering requesting Intel stock in exchange

Intel noted in a recent filing that it had already received $2.2 billion under the CHIPS Act, with a further $850 million in reimbursements requested but not yet disbursed.

Micron, TSMC, and more have also been awarded billions in subisidies The US government is considering taking a stake in Intel and other semiconductor companies that benefit from CHIPS Act funding, according to officials from the Trump administration.