Commerce Secretary Howard Lutnick on Tuesday confirmed that the government wants Intel to cough up a 10% equity stake in exchange for nearly $8 billion in CHIPS Act funding approved by the Biden administration. Lutnick said the the stake would be a return on its “investment” in the struggling chipmaker.

STORY: Intel CEO Lip-Bu Tan is set to visit the White House on Monday after U.S. President Donald Trump called for his removal last week. That's according to a Wall Street Journal report on Sunday, citing people familiar with the matter.

Treasury Secretary Scott Bessent said the White House wouldn't try to flex its power with a stake in Intel.