The United States government will take a 10% stake in Intel, President Donald Trump told reporters.

An Associated Press report says that Trump told members of the press during the day on Friday, ahead of the market closing. He said that the deal is a result of his time with Intel chief executive Lip Bu-Tan, whom the president had initially called on to resign due to ties to Chinese chipmakers.

“I said, I think it would be good having the United States as your partner,” Trump said, according to the AP . “He agreed, and they’ve agreed to do it.”

According to Bloomberg , "the US will receive 433,323,000 shares of common stock — representing 9.9% of the fully diluted common shares in Intel" in exchange for the remaining $8.87 billion in CHIPS and Sciences Act funding.

Following news reports but ahead of an official release, Commerce Secretary Howard Lutnick simply tweeted it out .

When reached by Tom's Hardware , Intel declined to comment on the news. The company has yet to issue a formal announcement.

The deal has been teased out all week, with Commerce Secretary Howard Lutnick going on CNBC to discuss the possibility of CHIPS Act grants converted into equity . Under President Joe Biden's administration, Intel was promised $10.9 billion in grants for meeting certain goals, including hitting goals on advanced nodes and building out new fabs, including one in Ohio. It's unclear if any of those goals will need to be met now.

But the White House reportedly won't look for TSMC and Micron to turn their grants into equity Stakes. A Wall Street Journal report earlier today, citing an unnamed government official, said that the Trump administration isn't looking for equity in companies that are upping their domestic investments.

Earlier this week, SoftBank agreed to buy $2 billion in Intel stock at $23 per share, infusing the chipmaker with much-needed cash.

Update August 22, 4:47 p.m. ET : Added that Intel declined to comment on the news.