U.S. gov't will take a 9.9% ownership stake in Intel [View all]

[Initech]

The United States government will take an approximately 9.9% stake in Intel. The company announced the news today, shortly after President Trump told reporters about the news.

Intel's press release states that the government "will make an $8.9 billion investment in Intel common stock, reflecting the confidence the Administration has in Intel to advance key national priorities and the critically important role the company plays in expanding the domestic semiconductor industry."

That money will come from $5.7 billion in grants that have yet to be paid out to Intel under the CHIPS and Science Act alongside $3.2 billion for the Secure Enclave program, for which the company is making chips for the U.S. Department of Defense. Intel has already received $2.2 billion of its CHIPS Act funding.

"As the only semiconductor company that does leading-edge logic R&D and manufacturing in the U.S., Intel is deeply committed to ensuring the world’s most advanced technologies are American made,” said Intel CEO Lip-Bu Tan, in the press release. “President Trump’s focus on U.S. chip manufacturing is driving historic investments in a vital industry that is integral to the country’s economic and national security."
https://www.tomshardware.com/tech-industry/big-tech/trump-says-u-s-govt-will-take-a-10-percent-ownership-stake-in-intel-lip-bu-tan-reportedly-agreed-to-unprecedented-arrangement-for-a-domestic-chipmaker

What the actual fuck??? How is any of this OK? This is absolute insanity. And Intel is OK with this? This CEO should be fired. Then I won't be buying any of their products again any time soon.