Overview

• Intel’s SEC filing says Commerce deemed the company’s CHIPS obligations discharged and will vote its shares in line with the board’s recommendations, leaving no independent governance role.
• Sen. Elizabeth Warren called the move an extremely risky investment and pressed Commerce Secretary Howard Lutnick for who negotiated the deal, what authority was used, and what protections remain for workers and taxpayers.
• The equity-for-grant swap totals roughly $8–9 billion for a 10% stake, with terms that could grant the government more equity if Intel’s ownership of its foundry drops below 50% within five years.
• Critics say converting the grant nullified CHIPS-era safeguards such as union and apprenticeship commitments, excess-profits sharing, buyback limits, and location requirements for subsidized fabs.
• The transaction follows a $2 billion SoftBank investment and comes as officials weigh similar interventions, including reported revenue-sharing conditions for Nvidia and AMD to secure China export licenses.