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Investing.com -- U.S. Treasury Secretary Scott Bessent clarified Tuesday that any potential government investment in Intel (NASDAQ:INTC) would aim to stabilize the chipmaker rather than artificially boost its business.
When asked about reports suggesting the U.S. government might take a 10% stake in Intel, Bessent told CNBC: "The last thing we’re going to do is take a stake and then try to drum up business. The stake would be a conversion of the grants and maybe increase the investment into Intel to help stabilize the company for chip production here in the U.S. There’s no talk of trying to force companies to buy from Intel."
Bessent did not provide specific details about the size or timing of any potential U.S. government stake in the company.
His comments came just one day after SoftBank (TYO:9984) Group agreed to invest $2 billion in Intel, which has faced challenges competing in the market following years of management missteps.