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.

U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for grants under the CHIPS Act, which aims to spur factory-building in the U.

Commerce Secretary Howard Lutnick on Tuesday confirmed that the government wants Intel to cough up a 10% equity stake in exchange for nearly $8 billion in CHIPS Act funding approved by the Biden administration.