Intel is expected to receive about $10 billion in CHIPS Act grants from the government to help fund the building of chip plants in the U.S.

The U.S. government has taken a 10% stake in struggling U.S. chipmaker Intel, President Donald Trump announced in a social media post.

The president equated the payment to 10% of the chipmaker’s value, saying he told its chief executive "it would be good having the United States as your partner" and "they've agreed to do it."