President Donald Trump said Friday that the U.S. government has secured a 10 percent stake in Intel, valued at roughly $11 billion, after weeks of negotiations with the company.
“They’ve agreed to do it, and I think it’s a great deal for them,” Trump told reporters. He later confirmed the deal on social media, calling it “my Great Honor” and saying the United States “paid nothing” for the shares.
Commerce Secretary Howard Lutnick said earlier this week the administration aimed to use funding from the CHIPS and Science Act to move more semiconductor production back to the U.S. “We cannot rely on Taiwan… We want to make them here,” he told CNBC.
The deal came after Trump initially called for Intel CEO Lip-Bu Tan’s resignation over ties to Chinese firms, though the president said he later reached an agreement after a personal meeting.
Reaction was split on Capitol Hill. Sen. Bernie Sanders (I-Vt.) praised the move as aligning with his calls for taxpayer returns on corporate subsidies, while Sen. Rand Paul (R-Ky.) called it a “terrible idea” and a “step toward socialism.”
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