Trump says the US is taking a 10 percent stake in Intel

President Donald Trump has confirmed that the US will take a 10 percent stake in Intel. During a press conference on Friday, Trump said Intel CEO Lip-Bu Tan agreed to give the government the stake, which is valued at around $10 billion. Earlier this month, Trump called on Tan to resign over his ties to China, and today he positioned the deal as a way for the executive to “keep his job.”

Trump told reporters that he floated the offer during negotiations with Tan. “I said, ‘I think it would be good having the United States as your partner,’” Trump said. “They’ve agreed to do it, and I think it’s a great deal for them.”

The confirmation of the deal comes just days after SoftBank announced plans to invest $2 billion into Intel to “further expand” chipmaking in the US. Trump is expected to formally announce the agreement with Intel later today. Intel didn’t immediately respond to The Verge’s request for comment.

Treasury Secretary Scott Bessent hinted at the government’s potential investment this week, saying during an interview with CNBC that it “would be a conversion of grants” meant to “stabilize the company for chip production here in the US.”

It doesn’t seem like this is the end for Trump’s approach to deal-making, as he said during the briefing that “he’ll do more of them” in the future.