According to the news of The New York Times, the President made this announcement in a press conference. Trump said that this agreement was reached after talks with Intel CEO Lip-Boo Tan last week. Trump said that Tan agreed to his suggestion. This is a big deal for him. On this deal, Intel said that America would invest $ 8.9 billion in its shares. Apart from this, the government has paid $ 2.2 billion to the company under the Chips and Science Act. The Chips and Science Act is a federal program, which was signed in 2022. After this, billions of dollars in grants were received to revive American semiconductor manufacturing.
Tan said in a statement that the government will not take any board seat in Intel. The government will not have other administrative rights. Tan said, "Intel is grateful to the President and the Administration for their trust. Now we look forward to furthering the leadership in American technology and manufacturing." Commerce Secretary Howard Lutnick described the agreement as historic and said that it would strengthen American leadership in the field of semiconductors.
On the other hand, Intel shares rose more than 6 percent on the news of the US deal. Founded in 1968, the company has been a leader in the industry. It has produced faster and more powerful chips over the years. For this reason Silicon Valley has become the foundation of the American tech sector. But Intel is in trouble after missing out on several waves of innovation, including the smartphone and artificial intelligence revolution.
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