The Trump administration’s investment in Intel was structured to deter the chipmaker from selling its manufacturing unit, its chief financial officer said on Thursday, locking it into a lossmaking business it has faced pressure to offload.
The US government last week agreed to take a 10 per cent stake in Intel by converting $8.9bn of federal grants under the 2022 Chips Act into equity, the latest unorthodox intervention by President Donald Trump in corporate America.
The agreement also contains a five-year warrant that allows the government to take an additional 5 per cent of Intel at $20 a share if it ceases to own 51 per cent of its foundry business — which aims to make chips for third-party clients.
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