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.

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 company’s CEO as a conflicted leader unfit for the job.

The Silicon Valley chipmaker’s journey from icon to a government project, with the sale of a 10 percent stake to the Trump administration, underlines how even the mightiest in tech can fall.

The White House is pushing for a stake in embattled chipmaker Intel after making deals with Nvidia and AMD to sell chips to China for a 15% cut.

Target names a new CEO and posts quarterly earnings that beat analysts’ forecasts, while Palantir extends losses into a sixth-straight session.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

The Silicon Valley tech giant, which has a new leader, has lagged behind its rivals during the AI boom and is slashing costs.

AMD and Intel are winning share at the margins but can't break Nvidia's CUDA ecosystem and supply chain advantages by 2028. Even with a potential government stake in Intel, the AI infrastructure buildout measured in trillions supports Nvidia's pricing power through the decade.