Commerce Secretary Howard Lutnick previously said the U.S. government should receive equity in return for the CHIPS Act cash grants Intel has received.

Trump said Intel has agreed to give the US government a ten per cent equity stake, calling the deal a major win for taxpayers and a turning point for the struggling chipmaker.

Intel is expected to receive about $10 billion in CHIPS Act grants from the government to help fund the building of chip plants in the U.S.