The White House confirmed on Tuesday that the Trump administration is working on a deal that could see the US government taking a 10% stake in chip giant Intel. "The president wants to put America's needs first, both from a national security and economic perspective," White House press secretary Karoline Leavitt told reporters.

Commerce Secretary Howard Lutnick said Tuesday that the government is seeking an equity stake in the chipmaker in return for federal grants authorized under the Biden administration.