The semiconductor maker has struggled to keep up in the artificial intelligence boom with rivals such as Nvidia and AMD.

President Donald Trump on Friday announced the U.S. government has secured a 10% stake in struggling Silicon Valley pioneer Intel in a deal completed just a couple weeks after he depicted the

Intel shares were up about 6% on the day, adding to earlier gains after reports that President Trump is set to announce the U.S. government is taking a nearly 10% stake in troubled chipmaker. The investment would cap a two-week frenzy in Washington over the future of the company.

Conservative radio host Erick Erickson called the equity stake plan “terrible” and said it was “actual socialism happening by a Republican administration.”