SoftBank founder Masayoshi Son has held recent talks with Intel Chief Executive Lip-Bu Tan about acquiring the U.S. company’s loss-making contract chip-manufacturing division, according to the Financial Times. The discussions preceded SoftBank’s decision on Monday to invest US$2 billion in Intel shares, signalling Son’s interest in a deeper strategic role at the world’s largest U.S. chipmaker. The overture from SoftBank coincides with negotiations in Washington over a separate rescue package for Intel. Treasury Secretary Marcus Bessent told reporters the administration is considering converting existing CHIPS Act grants into an equity stake and may increase the total support “to help Intel stabilise.” People familiar with the deliberations have said the government could seek about 10 percent of Intel’s stock in exchange. Commerce Secretary Howard Lutnick underscored the policy shift, warning on CNBC that the United States “cannot rely on Taiwan to make our chips” but adding that officials have “no talk of forcing companies to buy from Intel.” The prospective federal investment would be non-voting, Lutnick said, and aims to diversify supply chains and avert a single point of failure in advanced semiconductors. Intel shares jumped as much as 12 percent on Tuesday and are up more than 30 percent this month on expectations the combined backing of SoftBank and the U.S. government will strengthen the company’s foundry overhaul and expand domestic fabrication capacity amid intensifying competition with Taiwan Semiconductor Manufacturing Co.