Intel is expected to receive about $10 billion in CHIPS Act grants from the government to help fund the building of chip plants in the U.S.

President Donald Trump on Friday announced the U.S. government has secured a 10% stake in struggling Silicon Valley pioneer Intel in a deal completed just a couple weeks after he depicted the company’s CEO as a conflicted leader unfit for the job.

President Trump said Friday that Intel has agreed to give the U.S. government a 10 percent stake in the company. “They’ve agreed to do it, and I think it’s a great deal for