US Commerce Department moves forward with acquisition of 10% Intel stake

White House Press Secretary Levitt stated on the 19th local time that the U.S. Department of Commerce is continuing to move forward with the government’s acquisition of a 10% stake in Intel, and that U.S. Commerce Secretary Lutnick is working on the details. Lutnick stated in an interview with CNBC on the 19th that Intel must provide equity in exchange for federal subsidies.

Previously, U.S. media reported that the Trump administration was considering acquiring a 10% stake in Intel. According to White House officials and people familiar with the matter, the administration is considering converting Intel’s approved federal subsidies into equity.