The Trump administration said Friday that it had taken a 10% stake in Intel, the president's latest extraordinary move to exert federal government control over private business. The United States will not seek direct representation on Intel's board and pledged to vote with the current Board of Directors on matters requiring shareholder approval, "with limited exceptions," according to a joint release from the Trump administration and Intel . The move also comes as the United States vies with China in the race to dominate the artificial intelligence industry.

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