<p>➀ The US government may convert $10.9B Chips Act grants and military contracts into equity, acquiring a 10% stake in Intel (worth ~$10.5B), causing a 3% stock dip;</p><p>➁ Intel could receive the full Chips Act funds immediately instead of gradual payouts, accelerating its turnaround plan after previously receiving only $2.2B of the total;</p><p>➂ The equity conversion model suggests a defined government-Intel partnership rather than open-ended support, potentially extending to other Chips Act recipients.</p>