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, Mackenzie Hawkins, Ryan Gould and Josh Wingrove of Bloomberg report, citing 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, Bloomberg reports. The move would make the U.S. government Intel’s largest shareholder. Shares of Intel are down 3% to $23.91 in midday trading.
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