The Trump administration is in talks to take a 10% stake in Intel by converting some or all of the struggling company's Chips Act grants into equity, Bloomberg News reported, citing a White House official and other people familiar with the matter.

The new plan would be far less appealing, at least from Intel's perspective, than a proposal reported last week.

The Trump administration is in talks with Intel Corp. to have the US government take a stake in the beleaguered chipmaker, according to people familiar with the plan, in the latest sign of the White House’s willingness to blur the lines between state and industry.