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

The U.S. Commerce Department is weighing whether to take an equity stake in Intel and other chip companies in exchange for the CHIPS Act grants, according to