President Donald Trump said Friday that chipmaker Intel has agreed to give the United States government a 10% equity stake in the company, a historic government intervention.

Trump said during a news conference that the deal came after negotiations with the CEO of Intel, Lip-Bu Tan.

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

Intel announced the move in a press release. As part of the deal, the U.S. will get 433,323,000 shares of the tech company. The U.S. has reportedly pledged to release nearly $9 billion in funding under the 2022 Chips and Science Act.

“As the only semiconductor company that does leading-edge logic R&D and manufacturing in the U.S., Intel is deeply committed to ensuring the world’s most advanced technologies are American made,” Tan said. “President Trump’s focus on U.S. chip manufacturing is driving historic investments in a vital industry that is integral to the country’s economic and national security.

Investors welcomed the news, and Intel’s stock closed up more than 5.5% on Friday.

Commerce Secretary Howard Lutnick praised the deal on social media and thanked the Intel CEO for his work with the administration in securing the agreement.

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“BIG NEWS: The United States of America now owns 10% of Intel, one of our great American technology companies,” Lutnick said. “This historic agreement strengthens U.S. leadership in semiconductors, which will both grow our economy and help secure America’s technological edge.”

The agreement is a historically large one. It might represent the most historic government intervention since the U.S. stepped in to bail out the auto industry during the 2008 financial crisis.

It adds to a string of unusual moves by the Trump administration to intervene directly in private business.

Some of the deals have been opposed by free-market conservatives. Sen. Rand Paul (R-KY) criticized the government stake in Intel, saying in a tweet Thursday that it would be “a step toward socialism.”