The Trump administration confirmed Tuesday that it wants to take an ownership stake in Intel, which would further expand the government’s role in the private sector. U.S. Commerce Secretary Howard Lutnick told CNBC that it wants Intel stock in exchange for paying out billions in grants the Biden administration awarded to the chipmaker.

The Trump administration is in discussions to take a stake of about 10% in Intel Corp., a move that could see the U.S. become the beleaguered chipmaker’s largest shareholder.

The Nasdaq fell 1.5%; Intel stock jumped after SoftBank investment

Stocks fell Tuesday, led by a decline in shares of major technology companies, ahead of a flurry of retail sector earnings reports in the coming days and a key speech from Federal Reserve Chair Jerome Powell later this week.