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  • US government plans to take a 10% stake in Intel

    US government plans to take a 10% stake in Intel

    The U.S. government plans to take a 10% stake in Intel, President Donald Trump told reporters Friday. Bloomberg was first to report the news, which pushed the semiconductor chip company’s stock up more than 7%. Trump said Intel has agreed to the proposal.

    Intel declined to comment.

    The news comes during a pivotal — and recently volatile — time for Intel. CEO Lip-Bu Tan is currently restructuring the chipmaker, shuttering certain divisions and laying off workers in a bid to focus on its core businesses and catch up to rivals like Nvidia.

    Earlier this month, Trump pushed Tan to resign because of perceived conflicts of interest. Tan later met with Trump to find out a way to assuage the president and figure out ways for the company and government to work together.

    While speaking to the White House press pool, Trump acknowledged the resignation push.

    “I said well if that’s right he should resign and he came in and he saw me we talked for a while. I liked him a lot,” Trump said, according to emailed comments from the press pool. “I thought he was very good. I thought he was somewhat a victim but you know nobody’s a total victim I guess, and I said, you know what, I think the United States should be given 10% of Intel. And he said, I would consider that. I said, well, I’d like you to do that because Intel’s been left behind as, you know, compared to Jensen. And some of our friends at Nvidia.”

    Trump continued, “I said I think it would be good having the United States as your partner. He agreed. And they’ve agreed to do it and I think it’s a great deal for them and I think it’s a great deal.” 

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    Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise.

    Tech and VC heavyweights join the Disrupt 2025 agenda

    Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise.

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    Such federal government ownership of a major corporation would mark a dramatic departure from long-standing U.S. policy. Government equity stakes in private companies are extremely rare in the U.S. and highly controversial, with notable exceptions occurring during the 2008-2009 financial crisis when the government took temporary ownership stakes in companies like General Motors, AIG, and a few major banks to prevent economic collapse.

    The government systematically sold those stakes back to private investors over the following several years.

    The Intel deal, which is expected to be announced later Friday, comes days after the Japanese conglomerate SoftBank agreed to make a $2 billion investment in Intel. That deal was couched as a commitment to advanced technology and semiconductors in the U.S. Under that agreement, SoftBank agreed to buy Intel common stock at $23 per share. Intel shares were trading around $25 on Friday afternoon.

    TechCrunch has reached out to the White House for comment.

    We’re always looking to evolve, and by providing some insight into your perspective and feedback into TechCrunch and our coverage and events, you can help us! Fill out this survey to let us know how we’re doing and get the chance to win a prize in return!

  • DHS Secretary Says Southern Border Wall Will Be Painted Black To Deter Illegal Crossings

    DHS Secretary Says Southern Border Wall Will Be Painted Black To Deter Illegal Crossings

    Authored by Aldgra Fredly via The Epoch Times,

    Homeland Security Secretary Kristi Noem said Aug. 19 that President Donald Trump has requested that the entire wall along the U.S.-Mexico border be painted black in order to deter illegal crossings.

    Speaking to reporters in New Mexico, Noem said the border wall is being built tall and extended deep underground to prevent any breaches, and the metal would be painted black to make it even more difficult to climb.

    “That is specifically at the request of the president, who understands that in the hot temperatures down here, when something is painted black, it gets even warmer, and it will make it even harder for people to climb,” she said.

    “So we are going to be painting the entire southern border wall black to make sure that we encourage individuals to not come into our country illegally, to not break our federal laws.”

    Noem noted that cameras and sensors would be installed in the future to enhance security at the border, adding that the Department of Homeland Security (DHS) also plans to build “water-borne infrastructure.”

    “Construction right now is at the pace of a little bit less than a half a mile a day, and the border wall will look very different based on the topography and the geography of where it is built,” she added.

    Noem did not provide details on the wall’s construction cost. The One Big Beautiful Bill, signed into law by Trump last month, allocated about $46.5 billion for the construction of a wall along the border with Mexico.

    Trump declared a national emergency at the southern border after taking office for a second term on Jan. 20, directing the deployment of armed forces to assist with border security efforts.

    Under the declaration, Noem and Defense Secretary Pete Hegseth were ordered to take “all appropriate action” to construct more physical barriers along the border. Following that order, Noem issued a waiver in April that enabled the immediate construction of 2.5 miles of border in California. 

    Trump has signed several executive actions aimed at deterring illegal immigration, including a memo authorizing the military to take control of land along the U.S.–Mexico border.

    Data released by U.S. Customs and Border Protection (CBP) last month shows that illegal border crossings fell to their lowest level in June, with no parole releases of illegal immigrants.

    There were 25,228 total encounters nationwide in June, down from 29,478 the previous month, marking the lowest monthly total ever recorded by CBP, the agency stated.

    Border Patrol apprehensions nationwide also dropped to a historic low, with 8,024 apprehensions recorded, compared with 10,357 in May, according to the agency.

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  • Trump Shortlists Hassett, Warsh, And Waller As Top Picks For Fed Chair

    Trump Shortlists Hassett, Warsh, And Waller As Top Picks For Fed Chair

    Authored by Aldgra Fredly via The Epoch Times,

    President Donald Trump confirmed on Sept. 5 his top three candidates to succeed Federal Reserve Chair Jerome Powell when his term ends in May next year.

    Speaking to reporters, Trump said he is considering former Fed board member Kevin Warsh, current Fed board member Christopher Waller, and National Economic Council Director Kevin Hassett for the role.

    “You could say those are the top three,” the president told reporters in the Oval Office.

    Trump added that he had initially considered Treasury Secretary Scott Bessent as a fourth finalist, but Bessent said he preferred to remain in his current role.

    “I had him as a fourth,” he said of Bessent. “He told me ‘I’m not leaving.’”

    Bessent, who is overseeing the search for Powell’s successor, said at the press conference that he was not interested in the job.

    Trump has signaled he wants to appoint someone who is more inclined to lower interest rates, a point on which he has clashed with Powell.

    The Trump administration has been at loggerheads with the Fed over interest rate cuts. Trump wanted the Fed to lower interest rates to bring down borrowing costs and spur growth, but the central bank has kept its benchmark policy rate unchanged at 4.25 to 4.50 percent for five consecutive meetings.

    Powell has argued that the Fed should wait for more clarity on the economy’s trend before moving to cut rates, citing the impact of the administration’s policy changes.

    Bessent, on Aug. 12, urged the central bank to slash interest rates by half a percentage point at its September policy meeting of the Federal Open Market Committee (FOMC), and follow up with a series of reductions to bring borrowing costs down by at least 150 basis points.

    The push for lower rates comes as inflation appears substantially contained.

    The headline Consumer Price Index rose 2.7 percent in July, in line with expectations, while core inflation ticked up to 3.1 percent.

    Waller has supported lowering interest rates. The Fed governor said in April that he would favor cutting rates “sooner, and to a greater extent than I had previously thought.”

    “With a rapidly slowing economy, even if inflation is running well above 2 percent, I expect the risk of recession would outweigh the risk of escalating inflation, especially if the effects of tariffs in raising inflation are expected to be short lived,” Waller said in his speech.

    Hassett had agreed with Trump that the Fed has kept rates inappropriately high, while Warsh had previously called for a “regime change in the conduct of policy” at the central bank.

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