Commerce Secretary Howard Lutnick confirmed discussions between the US and Intel Corp. for the government to take a stake in the chipmaker, casting the plan as a bid to convert Chips and Science Act grants into equity.

The move by the U.S. could open the door for similar deals with other chipmakers that received grants under the Chips Act

The U.S. government aims to take an equity stake in Intel, Commerce Secretary Howard Lutnick said Tuesday morning.“We should get an equity stake for our money, so we’ll deliver the money which was already committed under the Biden administration,