Intel announced that the U.S. government will invest $8.9 billion in the struggling chipmaker. This marks the first time I've seen the word "investment" used as a synonym for "bailout."

"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," Intel CEO Lip-Bu Tan said. "[The U.S. government'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. We look forward to working to advance U.S. technology and manufacturing leadership."

The U.S. investment includes a purchase of 433.3 million primary shares of Intel stock at a price of $20.47 per share, representing a 9.9 percent stake in the company. The U.S. government will be a passive owner of Intel with no board representation or other governance or information rights.

Intel says the investment is in addition to the $2.2 billion in CHIPS grants that it already received from the government, but it's also replacing $5.7 billion of the $8.9 billion it was originally promised. Intel says it will continue to deliver on its obligations under the CHIPS Act.

Should Intel's ownership of its foundry business fall below 51 percent, the U.S. government has a five-year warrant at $20 per share during which it can purchase an additional 5 percent of Intel shares.