Lily JamaliNorth America Technology correspondent, San Francisco
Getty ImagesUS Secretary of Commerce Howard Lutnick said on Friday that the federal government will take a 10% stake in US chipmaker Intel.
“This historic agreement strengthens US leadership in semiconductors, which will both grow our economy and help secure America’s technological edge,” Lutnick wrote on X in a post accompanied by a photo of himself with Intel CEO Lip-Bu Tan.
President Donald Trump revealed the deal earlier on Friday during remarks in the Oval Office, calling it a “great deal for them”.
Shares of the Santa Clara, California-based chipmaker soared more than 5% on Friday.
Intel said in a statement that the US government would make a $8.9bn (£6.6bn) investment in Intel common stock.
The funds were set to come from grants that were previously awarded but not yet paid, Intel said, including monies promised under the US CHIPS and Science Act which was passed…
