Intel, US and White House
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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.
Treasury Secretary Scott Bessent said the White House wouldn't try to flex its power with a stake in Intel.
U.S. President Donald Trump is injecting nearly $9 billion into Intel in exchange for a 9.9% equity stake. But the money - which the struggling chipmaker was slated to receive anyway under a federal funding act - will not be enough for its contract-chipmaking business to flourish,