The government of the United States (US) wants equity stake in Intel, an American multinational corporation and technology company headquartered in Santa Clara, California, in exchange for cash grants approved under former President, Joe Biden.
Al Jazeera reports: “United States Commerce Secretary Howard Lutnick has said the US government wants an equity stake in Intel in exchange for cash grants approved during the administration of former President Joe Biden.
“Separately, also on Tuesday, Treasury Secretary Scott Bessent said any US investment in Intel would be aimed at helping the troubled chipmaker stabilise.
“Asked about reports that the US was considering taking a 10 percent stake in Intel, Bessent told CNBC’s “Squawk Box” programme: “The stake would be a conversion of the grants and maybe increase the investment into Intel to help stabilise the company for chip production here in the US.”
“Bessent gave no details about the size or timing of any US stake in Intel, but said any investment would not be aimed at forcing US companies to buy chips from Intel.”
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