The White House confirmed on Tuesday that the Trump administration is working on a deal that could see the US government taking a 10% stake in chip giant Intel. "The president wants to put America's needs first, both from a national security and economic perspective," White House press secretary Karoline Leavitt told reporters.

The White House has confirmed it is negotiating a deal that could hand over a 10% stake in Intel to the US government. The chipmaker has faced serious uncertainty in recent months, with multiple quarters of revenue decline, but the agreement could involve trading Intel shares for existing government grants.

SoftBank is investing $2 billion in Intel, even as the White House is considering taking a 10% stake in chipmaker per reports, as talks with the company and Trump's team advance.