The Trump administration is pushing to take equity stakes in some U.S. chipmakers receiving CHIPS Act funding but will steer clear of Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) and Micron Technology Inc. (NASDAQ: MU), according to a White House official.

Commerce Secretary Howard Lutnick said the government may pursue up to a 10% stake in Intel Corp. (NASDAQ: INTC), arguing taxpayers deserve “a piece of the action.” While the Biden administration limited subsidies to grants, Mr. Lutnick said President Trump wants equity tied to federal support.

TSMC, a key supplier to Apple and Nvidia, pledged $100 billion in new U.S. investments this spring, on top of $65 billion already committed to its Arizona fabs. Micron expanded its U.S. manufacturing plans in June. TSMC executives have privately discussed returning subsidies if forced to cede equity, people familiar with the matter said.

The Commerce Department last year awarded $6.6 billion to TSMC, $6.2 billion to Micron, and $4.75 billion to Samsung to boost domestic chip production. Much of the $52.7 billion program remains unspent.

TSMC shares rose 1.3% to $142.68 Thursday, Micron slipped 0.4% to $97.45, and Intel added 0.9% to $40.82.

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