Trump "intervenes" in the chip industry - Government ready to buy about 10% of Intel shares
The Trump administration is in talks to acquire about 10% of Intel's shares, which would make the US government the chipmaker's largest shareholder.
The federal government is considering converting some or all of the grants given to Intel through the Chips and Science Act into stock, Bloomberg reported. The company has received a total of $10.9 billion in grants for commercial and military chip production, thanks to the law signed by former President Joe Biden in 2022. That amount represents just over 10% of Intel's market value, which was $103.8 billion as of mid-August.
The potential investment would support Intel's plans to build a manufacturing center in Ohio, at a time when the company has begun cutting jobs to cut costs. The technology giant has lagged behind rivals such as Nvidia in the global race for artificial intelligence chips. Taking over Intel's stake would be the latest attempt by President Donald Trump to intervene in the chip industry. Earlier, the US government announced a deal that will force Nvidia and AMD to pay 15% of revenue from sales in China.
The potential deal would also represent a sharp reversal from Trump's call last week for Intel CEO Lip-Bu Tan to resign over alleged ties to the Chinese government. "The CEO of Intel is deeply involved in the conflict and must resign immediately. There is no other solution to this problem," Trump wrote in a social media post on August 7.
Intel is seen by many as the US's best hope to compete with global rivals like TSMC. However, the company has faced declining sales and persistent losses. Since Tan's arrival, Intel has announced plans to cut 20% of its staff.
Funds from the Chip Act were intended to bolster Intel's manufacturing capacity within the U.S. with new projects and were to be distributed over time. A government deal wouldn't necessarily bring in more money, but it could speed up access to existing funds.
Trump also announced a 100% tariff on chip imports in early August, but American companies that have planned major investments domestically can avoid the tax. Intel has said it will invest $100 billion in the US over the next five years, a plan announced before the 2024 election.
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