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.

“BIG NEWS: The United States of America now owns 10% of Intel, one of our great American technology companies. This historic agreement strengthens U.S. leadership in semiconductors, which will both grow our economy and help secure America’s technological edge,” Lutnick wrote.

The U.S. commerce secretary said the funds promised by Tokyo in the course of tariff talks will be deployed to benefit the United States.

The Trump administration is considering a plan to reallocate at least $2 billion from the CHIPS Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick's influence over the strategic sector,

U.S. Commerce Secretary Howard Lutnick backed Union Pacific’s proposed $72 billion takeover of Norfolk Southern, saying it will create more efficient transcontinental rail freight transportation.

CNBC's Eamon Javers reports on U.S. Commerce Secretary Howard Lutnick's announcement that the United States government now owns 10% of Intel.

During a budget hearing held by the Senate Appropriations Committee several weeks ago, Commerce Secretary Howard Lutnick pretentiously talked down to Senator Gary Peters (D-MI) for asking questions. Instead of answering the questions,

Lutnick said the agreement is beneficial to both parties but no details on the arrangement have been released so far.

Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.