This is worse than I expected. They're apparently putting in no new money and retroactively demanding stock in exchange for grants that were already awarded. If Intel can't afford to build 14A and we're putting in no net new money... then Intel still can't afford 14A? Unless they were lying.
There werestrings attached to the CHIPs act money. Not saying this is some great deal. It isn't. It is a deal made from a place of necessity and weakness for Intel, but it gives them the cash infusion they need in the short term. Right now Intel's only goal is to have enough money to get 14a off the ground and attract at least one large external customer to prove their capabilities.
So the US is getting lower-case intel here, in addition to upper-case Intel.
It's just cronyism and bribes. Nothing more to it. From "he must go" to "Intel is so great that we demand a 10% stake” in a week. Mussolini-style.