The White House confirmed on Tuesday that the Trump administration is working on a deal that could see the US government taking a 10% stake in chip giant Intel. "The president wants to put America's needs first, both from a national security and economic perspective," White House press secretary Karoline Leavitt told reporters.

The US government is in discussions to potentially take a partial ownership stake in Intel, according to an Aug. 18 report by Bloomberg. The deal could help accelerate the construction of Intel’s long-delayed semiconductor manufacturing plant in Ohio.

Intel is getting a $2 billion capital injection from SoftBank Group in a major vote of confidence for the troubled U.S. chipmaker in the middle of a turnaround.

The stock closed nearly 7% higher Tuesday after Japan’s SoftBank (JP:9984) agreed to invest $2 billion in

The investment will make SoftBank Intel’s fifth biggest investor, with the conglomerate paying $23 per share of Intel common stock. Lip-Bu Tan, Intel’s CEO, said in a statement that he “appreciate (s) the confidence (SoftBank) has placed in Intel with this investment.”

After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock’s sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago.

Intel stock was moving as it looks to be set to get the U.S. government as a shareholder. The Trump administration could pursue equity stakes in other companies including Taiwan Semiconductor Manufact