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.

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,

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.