Shares of U.S. chipmaker Intel climbed 3% Thursday, putting the monthly gain over 50%.
The surge pushed the stock past $37, hiking the value of the U.S. government’s 10% stake in Intel to roughly $16 billion.
The Trump administration negotiated an $8.9 billion investment in Intel common stock in August, purchasing 433.3 million shares at $20.47 per share.
Press secretary Karoline Leavitt celebrated the surge with a post on X from the Association of Mature American Citizens, a conservative organization.
The equity stake is being funded by grants previously awarded to Intel under former President Joe Biden’s U.S. CHIPS and Science Act, according to a release.
The company has already received $2.2 billion from CHIPS grants and is set to receive another $5.7 billion. An additional $3.2 billion from a separate government program will also be awarded.
“President Trump’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,” CEO Lip Bu-Tan said in a release.
Along with the government, Intel has been collecting other major investors, including Softbank and, more recently, Nvidia. The GPU giant announced in September that it would invest $5 billion in Intel as part of a collaboration to co-develop data centers and PC products.
The company’s multiple backings have helped the troubled chipmaker bounce back after shares hit the lowest in over a decade earlier this year.
Intel’s difficult fiscal 2024 saw shares drop 60% in value, their worst year on record, which was followed by then-CEO Pat Gelsinger’s exit in December.
Some confidence is being restored as Intel shares are currently trading at their highest level in 18 months under Bu-Tan’s leadership.
Intel shares also jumped 7% on Wednesday after news that the company is in early talks with AMD to add the hardware-maker as a customer.
