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4 days ago
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Reuters
US chipmaker Intel Corp's logo is seen at the entrance to their "smart building" in Petah Tikva, near Tel Aviv, Israel.
US Secretary of Commerce Howard Lutnick said on Friday that the federal government will take a 10% stake in Intel.
"This historic agreement strengthens US leadership in semiconductors, which will both grow our economy and help secure America's technological edge," Lutnick wrote on X in a post accompanied by a photo of himself with Intel CEO Lip-Bu Tan.
Shares of the Santa Clara, California-based chipmaker soared in after-hours trading, rising more than 5%.
President Donald Trump revealed the deal earlier on Friday during remarks in the Oval Office, calling it a "great deal for them". The BBC has reached out to Intel seeking confirmation of the agreement with the White House.
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