Shares of Intel (INTC 5.68%) leaped over 10% on Friday, following President Donald Trump's positive comments about the U.S.-based chipmaker.
Image source: Intel.
High praise for Intel's leadership
Intel CEO Lip-Bu Tan met with President Trump earlier this week. That meeting apparently went very well.
After the market close on Tuesday, Trump lauded the "very successful" Lip-Bu Tan.
Trump noted the recent launch of the semiconductor giant's new Core Ultra Series 3 processors, the "first sub-2-nanometer CPU processor designed, built, and packaged right here in the U.S.A."
NASDAQ: INTC
Key Data Points
In August, the U.S. government took a 10% stake in the American chipmaker. It paid $8.9 billion to buy 433.3 million shares of Intel at $20.47 per share. With Intel's stock now trading at $45.55, that stake is currently worth more than $19.7 billion.
"The United States government is proud to be a shareholder of Intel, and has already made, through its U.S.A. ownership position, tens of billions of dollars for the American people -- in just four months," Trump said. "We made a great deal, and so did Intel."
The onshoring trend is accelerating
To fund its investment in Intel, the government used grants from the CHIPS and Science Act and other programs intended to support the manufacturing of semiconductor chips used for artificial intelligence (AI) and other advanced technologies within the borders of the U.S.
"Our country is determined to bring leading-edge chip manufacturing back to America, and that is exactly what is happening," Trump said.
