US commerce secretary Howard Lutnick is looking into the White House taking equity stakes in Intel and other chipmakers in exchange for grants under the Chips Act, which aims to spur factory-building in the US,

Sen. Rand Paul (Ky.), a libertarian-minded Republican, criticized the Trump administration’s push to acquire a stake in U.S. chipmaker Intel, suggesting the move would be a “step toward socialism.” “If socialism is government owning the means of production,

Howard Lutnick said the Trump administration plans to convert federal funding pledged to Intel under the CHIPS Act into an equity stake.

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.

US commerce secretary Howard Lutnick has said that Intel must give the US government an equity stake if the company wants to receive its CHIPS and Science Act funding.