President Donald Trump says the US government is taking a 10 percent stake in chip maker Intel. Trump shared the news during a press conference on Friday, though an official announcement is still forthcoming,

The U.S. government plans to take a 10% stake in Intel, President Donald Trump told reporters Friday. Bloomberg was first to report the news, which pushed the semiconductor chip company’s stock up more than 7%. Trump said Intel has agreed to the proposal.

If confirmed would mark an unprecedented level of government intervention in a major American technology company

The Trump administration and Intel Corp. are poised to announce details on Friday of an agreement to give the US government an equity stake in the chipmaker, people familiar with the plan say.

Conservative radio host Erick Erickson called the equity stake plan “terrible” and said it was “actual socialism happening by a Republican administration.”