The Trump administration is in discussions to take a 10% in Intel (INTC) by converting some or all of the company’s grants from the Chips and Science Act into equity, Bloomberg’s Mackenzie Hawkins, Ryan Gould and Josh Wingrove report. According to people familiar with the matter, Intel is set to receive $10.9B in Chips Act grants for commercial and military production, which is near the amount needed for the 10% stake. The move would make the U.S. government Intel’s largest shareholder. Shares of Intel are down 3% to $23.91 in midday trading. White House spokesman Kush Desai declined to comment on the specifics of the discussions, saying only that no deal is official until it’s announced by the administration.
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