Intel (INTC) was in the spotlight on Thursday after President Trump said he had a “great meeting” with CEO Lip Bu-Tan.
“I just finished a great meeting with the very successful Intel CEO, Lip-Bu Tan,” Trump wrote in a post on Truth Social. “Intel just launched the first SUB 2 NANOMETER CPU PROCESSOR designed, built, and packaged right here in the U.S.A. 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. We made a GREAT Deal, and so did Intel. Our Country is determined to bring leading edge Chip Manufacturing back to America, and that is exactly what is happening!!!”
Shares moved higher in extended trading following Trump’s post.
Earlier this week, Intel disclosed that it had shipped its first products using the 18A manufacturing process, specifically the Panther Lake chips branded as Intel Core Ultra Series 3.
Over the summer, Intel received an $11.1B investment by the U.S. government, including the purchasing $8.9B shares of Intel common stock. The government purchased 433.3M shares at $20.47 each, equating to a 9.9% stake in Intel.
The government also received a five-year warrant, at $20 per share, for an additional 5% of Intel common shares, exercisable only if Intel ceases to own at least 51% of the foundry business.