Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind President Donald Trump's plan to convert U.S. grants to chipmakers, including $10.9 billion for Intel, into government stakes in the companies.

A US government plan to take a stake in Intel Corp. would give the ailing chipmaker a powerful backer, even if a bigger challenge still lies ahead: finding enough paying customers.

The Trump administration wants U.S. chipmaker Intel to give the federal government an equity stake to receive $8 billion via the CHIPS and Science Act.

After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock’s sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago.

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

Intel is in talks with other large investors to receive an equity infusion at a discounted price, CNBC reported on Wednesday, just days after the chipmaker got a $2 billion capital injection from SoftBank Group.

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.