Bernie Sanders supports Trump administration's plan to convert CHIPS grants to stakes in recipient companies. Read more.

Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind President Donald Trump's plan to convert U.S. grants to chipmakers, including $10.9 billion for Intel, into government stakes in the companies.

Sanders, an Independent Senator from Vermont who caucuses with the Democrats, told Reuters on Wednesday that he’s in favor of the Trump administration’s plan to convert federal grants for tech companies like Intel and TSMC into equity stakes in those companies.