The U.S. government plans to take a 10% stake in Intel, President Donald Trump told reporters Friday. Bloomberg was first to report the news , which pushed the semiconductor chip company’s stock up more than 7%. Trump said Intel has agreed to the proposal.

The news comes during a pivotal — and recently volatile — time for Intel. CEO Lip-Bu Tan is currently restructuring the chipmaker, shuttering certain divisions and laying off workers in a bid to focus on its core businesses and catch up to rivals like Nvidia.

Earlier this month, Trump pushed Tan to resign because of perceived conflicts of interest. Tan later met with Trump to find out a way to assuage the president and figure out ways for the company and government to work together.

Such federal government ownership of a major cor

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