Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.

Intel CEO Lip-Bu Tan is scheduled to visit the White House on Monday following President Donald Trump’s call last week for his ouster over ties to China, according to a new report.

Intel shares gained on Tuesday after the White House confirmed the Trump administration is negotiating a deal that could see the U.S. government take a 10% equity stake in the chipmaker, according to the BBC.

U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel (INTC) as well as other chipmakers in exchange

Key Takeaways Intel on Monday said Japanese investment giant SoftBank had agreed to buy $2 billion of the chipmaker's stock, boosting hope on Wall Street that the Trump administration and allies will throw the beleaguered chipmaker a lifeline.