President Trump on Friday told reporters that chipmaker Intel has agreed to sell around a 10% equity stake to the U.S. government. [Update: Intel confirmed the deal after market close]
Why it matters: This is part of Trump’s new era of pay-me capitalism.
Zoom in: The U.S. government will invest a total of $11.1 billion into Intel for a 9.9% stake, inclusive of $5.7 billion of CHIPS Act grants that had been awarded but not yet paid to the company.