The U.S. government has secured a 10%, non-voting equity stake in Intel Corp. after President Donald Trump confirmed that the chipmaker agreed to exchange part of its CHIPS and Science Act subsidies for stock. The transaction, disclosed on 22 August, makes Washington Intel’s largest shareholder and represents the most direct federal intervention in a major American company since the 2008 financial crisis. White House and Commerce Department officials said the holding is valued at roughly $10 billion, based on Intel’s market capitalisation of a little over $100 billion. Up to $10.9 billion in grants previously earmarked to support Intel’s U.S. factory build-out will be converted into the equity position. The stake carries no board seat or voting rights, limiting the government’s formal role in corporate governance. Intel shares initially slid 5.5% when talks were first reported on 18 August but rebounded more than 6% after Trump’s announcement. The deal underscores a broader administration strategy of tying public funding for strategically important industries to financial returns; earlier this year Washington struck revenue-sharing accords with Nvidia and AMD. Intel, which also attracted a separate $2 billion investment from SoftBank this week, is contending with heavy losses as it races to regain technological leadership and finish an Ohio manufacturing complex.