Intel (INTC) stock gained as much as 3% early Monday morning after President Trump said he loved seeing the price of the chipmaker's stock go up.
Trump's comments came after Intel and his administration announced last week a deal for the government to take a 9.9% stake in the chipmaker.
In a post on Truth Social early Monday, Trump said the government paid “ZERO” for Intel, adding, “I will make deals like that for our Country all day long.”
“I will also help those companies that make such lucrative deals with the United States,” Trump added.
“I love seeing their stock price go up, making the USA RICHER, AND RICHER.”
Late Friday, Intel and the government disclosed the details of the agreement, which will see the government take an equity stake in the company worth $8.9 billion. Including the $2.2 billion CHIPS Act grant Intel has already received, the deal puts the government's investment in Intel at $11.1 billion.
Trump's post on Monday comes about an hour after Kevin Hassett, the director of the National Economic Council, that the administration will continue to look to make similar investments across industries.
In an interview on CNBC, Hassett said, “the president has made it clear all the way back to the campaign, he thinks that in the end, it would be great if the US could start to build up a sovereign wealth fund.
“So I’m sure that at some point there’ll be more transactions, if not in this industry then other industries.
On Friday, Intel stock rose 5% on reports the government was preparing to take a 10% stake in the chipmaker, which has fallen behind its peers during the AI boom. Shares slipped about 1.5% in late trading after details of the deal were announced.
“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,” Intel CEO Lip-Bu Tan said in a statement on Friday.
“We are grateful for the confidence the President and the Administration have placed in Intel, and we look forward to working to advance U.S. technology and manufacturing leadership.”
