US government announces 10% stake in chipmaker Intel

US Secretary of Commerce Howard Lutnick said on Friday that the federal government will take a 10% stake in Intel.

“This historic agreement strengthens US leadership in semiconductors, which will both grow our economy and help secure America’s technological edge,” Lutnick wrote on X in a post accompanied by a photo of himself with Intel CEO Lip-Bu Tan.

Shares of the Santa Clara, California-based chipmaker soared in after-hours trading, rising more than 5%.

President Donald Trump revealed the deal earlier on Friday during remarks in the Oval Office, calling it a “great deal for them”. The BBC has reached out to Intel seeking confirmation of the agreement with the White House.