The U.S. government aims to take an equity stake in Intel, Commerce Secretary Howard Lutnick said Tuesday morning.“We should get an equity stake for our money, so we’ll deliver the money which was already committed under the Biden administration,

U.S. Commerce Secretary Howard Lutnick said Tuesday that Intel ( INTC, Financials) must hand the government an equity stake in return for CHIPS Act funding, shifting billions in subsidies into ownership.

Commerce Secretary Howard Lutnick confirmed discussions between the US and Intel Corp. for the government to take a stake in the chipmaker, casting the plan as a bid to convert Chips and Science Act grants into equity.