Intel is expected to receive about $10 billion in CHIPS Act grants from the government to help fund the building of chip plants in the U.S.

President Donald Trump said that Intel has agreed to give the U.S. government a 10% stake in its business. Speaking with reporters on Friday, Trump said the deal came out of a meeting last week with Intel CEO Lip Bu Tan — which came days after the president called for Tan to resign over his past ties to China.