The Trump administration is in discussions to acquire roughly a 10% stake in Intel Corp., according to a White House official and others familiar with the talks. People briefed on the matter said the government is considering converting some or all of Intel’s $10.9 billion in CHIPS and Science Act grants into equity, a move that would make Washington the chipmaker’s largest shareholder. At Intel’s current market capitalization, the contemplated stake would be valued at about $10 billion to $10.5 billion. The proposal underscores the administration’s broader effort to expand domestic semiconductor production and exert greater influence over companies receiving sizable federal subsidies. The Bloomberg report sent Intel shares down as much as 5.5% in afternoon trading; the stock later closed about 3.7% lower. A White House spokesman said no deal is final until it is formally announced, and Intel declined to comment. If completed, the investment would echo past U.S. interventions in strategically important industries and could serve as a template for converting other CHIPS Act awards into ownership stakes.