Commerce Secretary Howard Lutnick said the Trump administration plans to convert federal funding pledged to Intel Corp. INTC under the CHIPS Act into an equity stake, arguing that taxpayers deserve a return instead of providing “giveaways to rich companies.

The move by the U.S. could open the door for similar deals with other chipmakers that received grants under the Chips Act

Commerce Secretary Howard Lutnick confirmed discussions between the US and Intel Corp. for the government to take a stake in the chipmaker, casting the plan as a bid to convert Chips and Science Act grants into equity.