Intel, a fallen Silicon Valley icon trying to restore its reputation as America’s most prominent semiconductor company, is working with the Trump administration on a plan to turn over the operation of its chip-making plants to a giant Taiwanese rival.

Taiwan Semiconductor Manufacturing Co. is considering taking a controlling stake in Intel Corp.’s factories at the request of Trump administration officials, a person familiar with the matter said, as the president looks to boost American manufacturing and maintain US leadership in critical technologies.

Taiwanese contract manufacturer TSMC is considering taking a controlling stake in chipmaker Intel's factories at the request of Trump, per Bloomberg.