President Trump on Monday praised the government’s new 10% stake in Intel, valued at about $8.9 billion, according to CNBC. The president posted on Truth Social that he intends to strike similar deals to boost jobs and wealth in the U.S. White House economic advisor Kevin Hassett called the move part of a larger plan to build a sovereign wealth fund. Part of the funding comes from CHIPS Act grants, with the rest from separate government allocations for secure chip programs. The administration stressed it would not interfere in Intel’s operations but noted the step aligns with tariffs and policies aimed at onshoring production. Trump signed an executive order in February to create the sovereign wealth fund, modeled after funds in countries like Norway and China.
