Intel says it received US grant; government says it is still working on deal

FILE PHOTO: Intel logo is seen near computer motherboard in this illustration created on January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Intel received the $5.7 billion in cash on Wednesday night as part of the deal U.S. President Donald Trump negotiated for a 10% stake in the struggling chipmaker, finance chief David Zinsner said at an investor conference on Thursday.

The stake in Intel announced by the U.S. government last week is an incentive for Intel to retain control of its contract manufacturing business, or foundry, Zinsner said.