Why is INTC's stock price up today? Trump's spat with Intel takes a surprising turn
According to Bloomberg, the Trump administration is in talks to get a stake in the chip manufacturer. The size of the stake is unclear, but it will reportedly support Intel's planned Ohio manufacturing plant. The news follows a meeting at the White House between President Trump and Intel CEO Lip-Bu Tan on Monday, August 11.
Fast Company has reached out to Intel for comment and will update this post if we hear back.
Shares of Intel's stock (NASDAQ: INTC) jumped 7.4% on Thursday after the news broke. It continued to trend upward through after-hours and into premarket trading on Friday.
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If true, Intel would follow in the steps of its fellow tech giants Nvidia and AMD in becoming bedfellows with the Trump administration. On Monday, the pair made a deal to receive export licenses for China in exchange for giving the government 15% of the sales. Nvidia and AMD had faced restrictions on chip sales to China and can only sell their H20 and MI308 chips, respectively.
Intel's potential agreement comes after a swift 180 in Tan and Trump's relationship. It was just last Thursday, August 7, that Trump called for Tan's resignation on Truth Social. Trump claimed that the CEO is 'conflicted' due to investments in Chinese semiconductor firms, which might have a link to the Chinese Communist Party and the People's Liberation Army.
Tan defended himself in a letter sent to Intel's employees and shared publicly, stating, 'I have always operated within the highest legal and ethical standards.'
Four days later came the White House meeting and a change in tone. In a separate Truth Social post, Trump called the meeting an 'interesting one' and said Tan's 'success and rise is an amazing story.' He added that Tan would work with his cabinet members this week to 'bring suggestions' to him.
If the unusual deal does move forward, it could bring momentum for Intel's Ohio manufacturing plant. The factory was initially meant to start chip manufacturing in 2025, but in February, Intel announced a delay until 2030 or 2031. Then, Intel noted in its July second-quarter earnings report that it would 'further slow the pace of construction' to align with demand.
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