Commerce Secretary Howard Lutnick told CNBC the U.S. government wants a stake in Intel in exchange for CHIPS Act grant money promised under Biden.

Lutnick just laughed it off, indignantly pointing out that “we were just giving away the money” under the previous terms of the CHIPS Act. But the legality of any equity stake would likely be challenged by both Intel shareholders and competitors in the industry, according to the Times.

Micron, TSMC, and more have also been awarded billions in subisidies The US government is considering taking a stake in Intel and other semiconductor companies that benefit from CHIPS Act funding, according to officials from the Trump administration.

Treasury Secretary Scott Bessent said the White House wouldn't try to flex its power with a stake in Intel.