Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.

U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel as well as other chip companies in exchange for grants under the CHIPS Act that was meant to spur factory-building around the country,

The U.S. Commerce Department is weighing whether to take an equity stake in Intel and other chip companies in exchange for the CHIPS Act grants, according to two people with knowledge of the matter. Commerce Secretary Howard Lutnick raised the idea under a broader push to rebuild manufacturing in the US,