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.

The White House confirmed on Tuesday that the Trump administration is working on a deal that could see the US government taking a 10% stake in chip giant Intel. "The president wants to put America's needs first, both from a national security and economic perspective," White House press secretary Karoline Leavitt told reporters.

The U.S. government wants an equity stake in Intel in exchange for cash grants approved during the administration of former President Joe Biden, Commerce Secretary Howard Lutnick said on Tuesday.

A US government plan to take a stake in Intel Corp. would give the ailing chipmaker a powerful backer, even if a bigger challenge still lies ahead: finding enough paying customers.

Intel is in talks with other large investors to get an equity infusion at a discounted price, sources told CNBC's David Faber. It comes after SoftBank announced it would invest $2 billion in the struggling chipmaker.

WASHINGTON (Reuters) -Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind Republican President Donald Trump's plan to convert up to $10.9 billion in U.S. grants for Intel into a government stake in the company.

After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock’s sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago.

Target names a new CEO and posts quarterly earnings that beat analysts’ forecasts, while Palantir extends losses into a sixth-straight session.