Commerce Secretary Howard Lutnick on Friday afternoon signaled that the United States’ investment in the tech company Intel has been completed, stating that the U.S. now owns 10% of the company.
President Donald Trump and Lutnick have been teasing the deal this past week, which the U.S. hoped would give the government a nonvoting, equity stake in Intel in exchange for CHIPS Act funds.
Lutnick said the agreement is beneficial to both parties but no details on the arrangement have been released.
“The United States of America now owns 10% of Intel, one of our great American technology companies,” Lutnick posted on X. “This historic agreement strengthens U.S. leadership in semiconductors, which will both grow our economy and help secure Americaâs technological edge.
“Thanks to Intel CEO Lip-Bu Tan for striking a deal thatâs fair to Intel and fair to the American People,” he added.
Intel has spent billions of dollars to build a series of chip factories in Ohio, which are now scheduled to start operations in 2030. Last fall, Intel said it had finalized a nearly $8 billion grant under the 2022 CHIPS and Science Act to fund the factory-building plans.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.
