SAN FRANCISCO (AP) — U.S. Commerce Secretary Howard Lutnick on Tuesday confirmed the U.S. government is vying for a 10% stake in Silicon Valley pioneer Intel in an unusual deal that would deepen the Trump administration’s financial ties with major computer chip manufacturers and punctuate a dramatic about-face from the president’s recent push to oust the company’s CEO. The company has received about $2.2 billion of the $7.8 billion pledged under the incentives program — money that Lutnick derided as a “giveaway” that would better serve U.S. taxpayers if it’s turned into Intel stock, which he said would be in the form of non-voting shares so the government wouldn’t be able to use the stake to sway how the company is managed. But Trump backed off after the Malyasia-born Tan professed his allegiance to the U.S. in a public letter to Intel employees and went to the White House to meet with the president, who applauded the Intel CEO for having an “amazing story.” That truce apparently sparked the negotiations that may culminate in the U.S. government owning a chunk of Intel.
Author: Michael Liedtke, Associated Press, Elaine Kurtenbach, Associated Press
Published at: 2025-08-19 21:16:46
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