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U.S. government takes 10% stake in Intel (i.imgur.com)
submitted 9 months ago* (last edited 9 months ago) by Pro@programming.dev to c/Technology@programming.dev
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  • US President, Donald Trump, Announcement on Truth Social.

  • Main Announcement by Intel- PDF.

    • Intel Corporation today announced an agreement with the Trump Administration to support the continued expansion of American technology and manufacturing leadership. Under terms of the agreement, the United States government will make an $8.9 billion investment in Intel common stock, reflecting the confidence the Administration has in Intel to advance key national priorities and the critically important role the company plays in expanding the domestic semiconductor industry.

    The government’s equity stake will be funded by the remaining $5.7 billion in grants previously awarded, but not yet paid, to Intel under the U.S. CHIPS and Science Act and $3.2 billion awarded to the company as part of the Secure Enclave program. Intel will continue to deliver on its Secure Enclave obligations and reaffirmed its commitment to delivering trusted and secure semiconductors to the U.S. Department of Defense. The $8.9 billion investment is in addition to the $2.2 billion in CHIPS grants Intel has received to date, making for a total investment of $11.1 billion.

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    [–] SGforce@lemmy.ca 19 points 9 months ago (1 children)

    Bro, you can't just announce a thing for it to be true. This would require at the least issuing shares or a transfer of existing shares from shareholders. That take's months. Well, it does to do it legally. I'd like to know what the largest shareholders think of the government annexing their money right out from under them.

    [–] TheAgeOfSuperboredom@lemmy.ca 11 points 9 months ago (1 children)

    Don't worry, the shares will come from the retirement saving of people like you and me. Trumps golf buddies will be fine.

    [–] SGforce@lemmy.ca 3 points 9 months ago

    I'm just saying, it's either a full-on lie or there's a shitstorm going on in multiple boardrooms right now.

    [–] Skullgrid@lemmy.world 11 points 9 months ago (2 children)

    none of this shit makes sense. "US paid nothing for these shares" vs US will make a 8.9 billi investment, and the remaining billions already given to them.

    Also, he's gone so far right he's making the state own things, coming out the other side to communism (insert the correct left wing government term here)? the fuck?

    [–] ZombiFrancis@sh.itjust.works 3 points 9 months ago

    Workers don't exactly own the US government to consider a stake in intel to be anything of the sort.

    In a sense Intel has been 10% nationalized, which really doesn't mean much for the working class.

    [–] Eldritch@piefed.world 1 points 9 months ago

    In a stateless society, the state owning anything would be impossible. Since it wouldn't exist. You may be thinking of Leninism/Maoism. Which are just authoritarian systems like fascism. Who aren't right or left any further than it becomes inconvenient for those in power.

    [–] Catoblepas@piefed.blahaj.zone 8 points 9 months ago

    fully owns and controls

    10%

    I fully own and control 0.000001% or whatever of the companies I have stocks in too, I guess.

    [–] gtrcoi@programming.dev 5 points 9 months ago* (last edited 9 months ago)

    So Trumps is pretending to be a communist so he doesn't have to credit Biden for the chips act...

    [–] fubarx@lemmy.world 1 points 9 months ago

    Does this mean the U.S. gets to own a percentage of EVERY company benefiting from U.S. government contracts and grants?