Intel stock popped on Friday on a report the US government could take a stake in the ailing chip company.

The deal talks follow President Trump’s public call for the replacement of CEO Lip-Bu Tan over his ties to Chinese businesses.

The 65-year-old technology and venture capital industry veteran has amassed a fortune worth at least $1.1 billion, according to the Bloomberg Billionaires Index, which is calculating Lip-Bu Tan’s net worth for the first time.

President Trump had urged CEO Lip-Bu Tan to step down over his past ties with China. But the narrative flipped last week after a highly positive White House meeting

The Trump administration is in preliminary discussions to acquire an equity stake in former Apple chip supplier Intel, a move aimed at

Intel shares rose nearly 4% on Friday on hopes of more financial aid for the turnaround of the struggling chipmaker after a report that the U.S. government may buy a stake.

What Intel needs more than new board members is customers for its manufacturing, or “foundry”, arm. They have not been forthcoming, partly because Intel’s chip-design business competes with would-be buyers such as AMD and Nvidia.

According to the news agency, Intel, which burned through more than $15.5 billion in negative free cash flow last year, has had to delay construction of a new semiconductor facility in Ohio due to lack of cash.