Intel's statement followed remarks from Trump that Washington would gain a direct stake in the chipmaker under a new agreement.

WASHINGTON (AP) — President Donald Trump said that Intel has agreed to give the U.S. government a 10% stake in its business. Speaking with reporters on Friday, Trump said the deal came out of a meeting last week with Intel CEO Lip Bu Tan — which came days after the president called for Tan to resign over his past ties to China.

President Trump revealed that the US has acquired a nearly 10% stake in Intel, involving an $8.9 billion investment in the chipmaker. The investment comprises $5.7 billion from the CHIPS Act and $3.2 billion from the Defense Department's Secure Enclave program,