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.

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.

Intel CEO Lip-Bu Tan is scheduled to visit the White House on Monday following President Donald Trump’s call last week for his ouster over ties to China, according to a new report.

Treasury Secretary Scott Bessent said the White House wouldn't try to flex its power with a stake in Intel.

The billionaire investor often called Japan's Warren Buffett is making a huge bet on a legendary US firm. Shares jumped eight percent.

The Trump administration is weighing whether to take a 10% ownership stake in Intel, according to a Bloomberg report, a move that could make the U.S. government the chipmaker’s largest shareholder. Officials are discussing converting part or all of Intel’s $10.