After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock’s sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago.

The U.S. government wants an equity stake in Intel in exchange for cash grants approved during the administration of former President Joe Biden, Commerce Secretary Howard Lutnick said on Tuesday.

The Trump administration wants U.S. chipmaker Intel to give the federal government an equity stake to receive $8 billion via the CHIPS and Science Act.

Shares in the chip maker rose following news of SoftBank’s planned investment and a possible stake for the U.S. government.

U.S. Treasury Secretary Scott Bessent on Tuesday said any U.S. investment in Intel would be aimed at helping the troubled chipmaker stabilize, as Commerce Secretary Howard Lutnick said the government wanted equity stakes in exchange for its support of semiconductor manufacturers.

Lutnick just laughed it off, indignantly pointing out that “we were just giving away the money” under the previous terms of the CHIPS Act. But the legality of any equity stake would likely be challenged by both Intel shareholders and competitors in the industry, according to the Times.