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.

Lutnick just laughed it off, indignantly pointing out that “we were just giving away the money” under the previous terms of the CHIPS Act. But the legality of any equity stake would likely be challenged by both Intel shareholders and competitors in the industry, according to the Times.

Commerce Secretary Howard Lutnick expressed confidence Sunday that the Trump administration will cut trade deals with key U.S. trading partners in the coming weeks — before steep tariffs kick in for dozens of countries.

"The EU has agreed to open its $20 Trillion market. The second largest in the world behind the great USA," Howard Lutnick said.

U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for grants under the CHIPS Act, which aims to spur factory-building in the U.

U.S. Commerce Secretary Howard Lutnick joins CNBC's 'Squawk on the Street' to discuss the possibility of a government stake in intel, whether a deal would include governance, and much more.

During a budget hearing held by the Senate Appropriations Committee several weeks ago, Commerce Secretary Howard Lutnick pretentiously talked down to Senator Gary Peters (D-MI) for asking questions. Instead of answering the questions,

U.S. Commerce Secretary Howard Lutnick is looking into the federal government taking equity stakes in computer chip manufacturers that receive CHIPS Act funding to build factories in the country, two sources said.