Unlike Intel (INTC), Taiwan Semiconductor Manufacturing Company (TSM) and Micron (MU) may not be required to give up stakes in exchange for their CHIPS Act grants, following some signs of pushback in early talks.

“The Administration is not seeking equity stakes in TSMC or Micron,” a Trump administration official told Investopedia Friday, after comments from Commerce Secretary Howard Lutnick earlier this week fueled speculation that new equity deals could be in the works.

“The Biden administration literally was giving Intel [money] for free, and giving TSMC money for free, and all these companies just giving them money for free,” Lutnick said in an interview with CNBC Tuesday. “Donald Trump turns that into saying, ‘Hey, we want equity for the money. If we’re going to give you the money, we want a piece of the action.’”

While such a deal could still represent a lifeline for struggling Intel, which has taken aggressive steps to lower its headcount and shed assets as part of its turnaround efforts, other CHIPS Act recipients such as TSMC and Micron may not be swayed as easily, Wall Street analysts suggested. “We wonder how many of these companies might simply just say ‘no,'” Bernstein analysts told clients earlier this week.

In preliminary talks, TSMC executives have suggested the company might consider returning CHIPS Act funding if the U.S. government asks to become a stockholder, according to The Wall Street Journal.

TSMC and Micron did not immediately respond to requests for comment.

Shares of both companies climbed about 3% in recent trading, amid a broader market rally after a speech from Federal Reserve Chair Jerome Powell signaled the central bank could be set to cut interest rates soon.