The White House confirmed on Tuesday that the Trump administration is working on a deal that could see the US government taking a 10% stake in chip giant Intel. "The president wants to put America's needs first, both from a national security and economic perspective," White House press secretary Karoline Leavitt told reporters.

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. Lutnick said the the stake would be a return on its “investment” in the struggling chipmaker.

Treasury Secretary Scott Bessent said the White House wouldn't try to flex its power with a stake in Intel.

The White House is reviewing taking a 10% stake in chipmaker Intel, White House Press Secretary Karoline Leavitt explains the end goal of what would be the first of its kind move.