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.

Sen. Rand Paul (Ky.), a libertarian-minded Republican, criticized the Trump administration’s push to acquire a stake in U.S. chipmaker Intel, suggesting the move would be a “step toward socialism.” “If socialism is government owning the means of production,

The Commerce secretary outlined a plan to blend the private and public sectors but denied it represents "state capitalism."

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.

SoftBank Group is taking a $2 billion equity stake in Intel, the two companies said on Monday, amid a ramp-up in efforts to provide financial support to the struggling U.S. chipmaker. Julian Satterthwaite reports.