U.S. President Donald Trump is injecting nearly $9 billion into Intel in exchange for a 9.9% equity stake. What Intel needs is external customers for its so-called cutting-edge 14A manufacturing process - a tough ask,

Intel shares were up about 6% on the day, adding to earlier gains after reports that President Trump is set to announce the U.S. government is taking a nearly 10% stake in troubled chipmaker. The investment would cap a two-week frenzy in Washington over the future of the company.

Intel is in talks with other large investors to receive an equity infusion at a discounted price, CNBC reported on Wednesday, just days after the struggling chipmaker got a $2 billion capital injection from SoftBank Group .

Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.