Further, the government will receive a five-year warrant, at $20 per share for an additional 5% of Intel stock, but only if Intel ceases to own at least 51% of the foundry business. It follows a $2 billion stake by SoftBank last week in Intel.

Donald Trump’s ongoing effort to remake American capitalism continued apace on Friday, when Commerce Secretary Howard Lutnick announced that the government would be taking a 9.9 percent stake in chipmaker Intel in exchange for the government’s agreeing to release billions of dollars in grants that Congress had already authorized via the Chips Act.