The Trump administration is considering a plan to reallocate at least $2 billion from the CHIPS Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick's influence over the strategic sector,

Beijing has reportedly moved to curb sales of Nvidia Corporation's NVDA China-specific AI chip after U.S. Commerce Secretary Howard Lutnick made remarks about export policy that Chinese officials reportedly found "insulting.

The Trump administration may shift $2 billion from the CHIPS Act to support critical minerals projects, enhancing Commerce Secretary Howard Lutnick's role. This initiative aligns with minimizing dependency on China for crucial minerals needed in electronics and defense,

Commerce Secretary Howard Lutnick on Tuesday confirmed that the government wants Intel to cough up a 10% equity stake in exchange for nearly $8 billion in CHIPS Act funding approved by the Biden administration. Lutnick said the the stake would be a return on its “investment” in the struggling chipmaker.

U.S. Commerce Secretary Howard Lutnick is looking into the federal government taking equity stakes in computer chip manufacturers that receive CHIPS Act funding to build factories in the country, two sources said.

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.

"The EU has agreed to open its $20 Trillion market. The second largest in the world behind the great USA," Howard Lutnick said.

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.