U.S. Commerce Secretary Howard Lutnick on Tuesday confirmed the U.S. government is vying for a 10% stake in Silicon Valley pioneer Intel in an unusual deal that would deepen the Trump administration’s financial ties with major computer chip manufacturers and punctuate a dramatic about-face from the president’s recent push to oust the company’s CEO.

An Intel deal would be one of the largest government interventions in private industry since the U.S. auto industry's bailout under President Obama.

Japanese technology giant SoftBank Group says it plans to take a $2 billion stake in computer chip maker Intel as it deepens its involvement in U.S. semiconductor manufacturing in the United States