The US commerce secretary confirmed seeking to acquire Intel shares, saying he has no corporate governance rights

The United States government is in talks with Intel Corp (INTC. O) on a plan to replace subsidies in the Chip and Science Act with equity stakes, Commerce Secretary Robert Lutnik confirmed. Mr. Lutnik said on Tuesday that the plan would not give the United States government governance or voting rights in companies. He attacked the chip bill signed by former President Joe Biden, saying it provided subsidies to semiconductor manufacturers without giving American taxpayers anything in return. "It's not governance, we're just converting Biden-era grants into equity, which is non-voting," Mr. Lutnik said in an interview. The talks with Intel mark a major shift in American semiconductor policy. If finalized, it could pave the way for similar deals with other chipmakers. Lutnik also said that the United States wants to rebuild some of its chip manufacturing capabilities at home for national security reasons.