On Friday afternoon, Intel confirmed what everyone already knew: that the U.S. government is taking the unprecedented step of investing $8.9 billion into the company.

On Tuesday, Commerce Secretary Howard Lutnick said that the United States was pushing Intel to accept its $10.9 billion CHIPS Act funding as an equity deal instead. On Friday, President Trump confirmed that deal in a White House press conference. Intel now has formally published a statement outlining the terms of the agreement.

The government will invest $8.9 billion into Intel as part of a purchase of common stock, paid for by the $5.7 billion in grants awarded but not yet paid to Intel as part of the U.S. CHIPS and Science Act and $3.2 billion awarded to the company as part of the Secure Enclave program, Intel said in a

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