Donald Trump’s ongoing effort to remake American capitalism continued apace on Friday, when Commerce Secretary Howard Lutnick announced that the government would be taking a 9.9 percent stake in chipmaker Intel in exchange for the government’s agreeing to release billions of dollars in grants that Congress had already authorized via the Chips Act.

In exchange for around $9 billion in grants that the federal government awarded to the chipmaker during the Biden administration, the U.S. government gets an ownership stake in the company — just shy of 10%.

The $8.9 billion equity deal, announced late last week, converted federal CHIPS Act grants into stock, making Washington Intel's largest single shareholder.

In an SEC filing, the chipmaker said the deal could cost it sales and open it up to backlash from other countries, business partners and even its own employees.