The Trump administration confirmed a landmark deal with Intel (NASDAQ:INTC) under the CHIPS and Science Act, making the U.S. government the company’s largest shareholder.

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The Trump administration is weighing a plan for the U.S. government to take a 10% stake in Intel, requiring about $10.5B, Bloomberg reported.

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Intel surged 7.5% in regular trading and 4.5% pre-market after Bloomberg reported the Trump administration may take a financial stake in the chipmaker to support domestic foundry expansion.

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