Lutnick Tells Court Trump’s Intel Deal Justified by AI Arms Race

US Commerce Secretary Howard Lutnick defended President Donald Trump’s deal to take a stake in Intel Corp., urging a judge to reject allegations that the transaction amounted to an illegal seizure by the government.

Lutnick moved Thursday to dismiss a case targeting the transaction, arguing it’s authorized by federal law and calling the deal “critical to America’s defense industrial base” as the US seeks an edge in the global race “to dominate the field of artificial intelligence.” The shareholder lawsuit seeks to void the stock sale over claims Trump extorted corporate leaders into handing over 9.9% of the chip ...