Sen. Rand Paul (Ky.), a libertarian-minded Republican, criticized the Trump administration’s push to acquire a stake in U.S. chipmaker Intel, suggesting the move would be a “step toward socialism.” “If socialism is government owning the means of production,

Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind President Donald Trump's plan to convert U.S. grants to chipmakers, including $10.9 billion for Intel, into government stakes in the companies.

The Trump administration wants U.S. chipmaker Intel to give the federal government an equity stake to receive $8 billion via the CHIPS and Science Act.

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.

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

Enthusiasm for a potential U.S. government stake in Intel Corp. is pushing the chip maker's stock toward its best week in 50 years. Intel shares were up 6.8% in Friday trading, on top of a 7.4% rise in Thursday's session.