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.

The back-to-back news items signal a public and private sector commitment to domestic semiconductor production and underscore Intel's importance.

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.

By Aditya Soni, David Shepardson and Andrea Shalal WASHINGTON (Reuters) -President Donald Trump said on Friday the U.S. would take a 10% stake in Intel under a deal with the struggling chipmaker and is planning more such moves,

Commerce Secretary Howard Lutnick told CNBC on Tuesday that the U.S. government must receive an equity stake in Intel in exchange for CHIPS Act funds. Sources told Faber that the