The U.S. government plans to take a 10% stake in Intel, President Donald Trump told reporters Friday. Bloomberg was first to report the news, which pushed the semiconductor chip company’s stock up more than 7%. Trump said Intel has agreed to the proposal.

The Trump administration and Intel Corp. are poised to announce details on Friday of an agreement to give the US government an equity stake in the chipmaker, people familiar with the plan say.

Conservative radio host Erick Erickson called the equity stake plan “terrible” and said it was “actual socialism happening by a Republican administration.”

Key Takeaways Intel on Monday said Japanese investment giant SoftBank had agreed to buy $2 billion of the chipmaker's stock, boosting hope on Wall Street that the Trump administration and allies will throw the beleaguered chipmaker a lifeline.

Sen. Chris Coons (D-Del.) joins 'Squawk Box' to discuss President Trump's deal to allow Nvidia and AMD to sell chips to China, AI arms race with China, Trump administration's push for a stake in Intel,