Overview

• White House and Intel have declined to confirm discussions that would convert roughly $10.9 billion in CHIPS Act subsidies into a 10% equity stake valued at about $10–10.5 billion.
• Intel’s share price swung sharply, jumping on earlier reports of federal backing before sliding as much as 5% after Bloomberg detailed the converted-equity structure.
• Officials have not clarified whether the $2.2 billion already disbursed under the grant will count toward the proposed government holding.
• The equity discussions follow last week’s White House meeting between President Trump and Intel CEO Lip-Bu Tan that renewed federal focus on shoring up Intel’s turnaround.
• Industry analysts warn a U.S. equity stake could tilt foundry competition toward Intel, raise national-security procurement questions and set a precedent for government ownership in strategic sectors.