The Trump administration said Friday that it had taken a 10% stake in Intel, the president’s latest extraordinary move to exert federal government control over private business. The United States will not seek direct representation on Intel’s board and pledged to vote with the current Board of Directors on matters requiring shareholder approval, ‘with limited exceptions,’ according to a joint release from the Trump administration and Intel. The move also comes as the United States vies with China in the race to dominate the artificial intelligence industry. President Donald Trump announced the deal on his Truth Social platform Friday, praising the company’s CEO just two weeks after he called on the executive to resign over alleged China ties. ‘It is my Great Honor to report that the United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future,’…
