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US weighs taking stake in Intel, Bloomberg News reports
(Reuters) -The Trump administration is in talks with Intel to have the U.S. government potentially take a stake in the chipmaker, Bloomberg News reported on Thursday, citing people familiar with the plan. Shares of the company rose nearly 7%. The plan stems from a meeting this week between President Donald Trump and Intel CEO Lip-Bu Tan, the report added. This comes after Trump publicly demanded the resignation of Tan over his past investments in Chinese tech companies, some linked to the Chinese military. The White House and Intel did not immediately respond to requests for comment from Reuters. Sign in to access your portfolio
Yahoo
13 minutes ago
- Yahoo
Intel stock jumps on report Trump admin. is considering stake
Shares of Intel (INTC) jumped 7% following a Bloomberg report that the Trump administration is considering taking a stake in the chip giant. The report states that the size of the stake the government would take is unclear, with one of the outlet's sources stressing that talks were fluid. Market Domination Overtime Anchor Josh Lipton reports the breaking details, and Investopedia editor in chief Caleb Silver weighs in. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime. the Trump administration considering taking a stake in chipmaker Intel. This is going to bloomberg news. That deal would help shore up intel's plan factory hub in Ohio, according to the report. Company had once promised to turn that site, remember, into the world's largest chip making facility. It's unclear the size of this potential stake the US would have, but the plans seem to have stemmed from a meeting this week, remember between President Trump and Intel's chief executive officer. The ideas for the US government to pay for the stake, details being sorted out. Caleb, headlines coming fast and furious. The stock reacting about two percent in the after hours. What do you make of it? Yeah. Well, things have really changed for the Putan, the CEO of Intel because just a week, week and a half ago. Trump was saying you're out. He wanted his ouster. He called for his head. Yeah. Right. So this is administration getting very deep into the private sector into some of the most important companies in the market, doing some of the most important things. And the reality for Intel is they have the manufacturing base here more than any other chip maker in the US to produce a lot of chips. And if we're going to become a chip producing nation, we're going to need Intel. We're going to need its foundry. We're going to need all of its factories all over the southwest and everywhere else to make as many chips as possible. The fact that the US might take a stake, that's an interesting conflict of interest, but everything is interesting these days with this administration. You know, the reports saying this is fluid. It sounds like we don't have a lot of details yet. So we'll see how this all flushes out and works out. It is interesting though, Caleb, as a long time market watcher that you are, when we talk about Intel, and here you have this, this storied American company. But on this show, listen, we talk about Nvidia and AMD, and Broadcom, and Micron, and you name it. Intel is not discussed all that much. It is not in the bloodstream like it used to be. Because it missed arguably the AI chip making wave. It's catching up to it, but it got, it missed the head start that Nvidia was on to, that AMD was on to, that a lot of these other chip makers have invested in tens and hundreds of billions of dollars over the last few years, and they've been rewarded for it. So it missed that. It's losing a big customer in Apple who's going to be making its own chips, and it lost its way arguably for a while. But it does have the infrastructure in place in this country to do a lot of chip manufacturing if it had the investment. So far, it doesn't have any big customers for its foundry business, which it invested a lot of money, and that was supposed to be the future. Maybe this, if it's true, turns things around a little bit, but we haven't mentioned Intel in a while. We had mentioned Cisco in a while, and Cisco on the program earlier today. These are like partying, like it's 1999 all over again. It sounds like Intel's declined comment on the discussions. Just sounds like the White House not immediately responding to request for comment either, but we'll keep you posted on headlines as they come.
Yahoo
13 minutes ago
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US charges two in $275 million water vending machine Ponzi case
By Jonathan Stempel NEW YORK (Reuters) -A Washington state entrepreneur and a former Jefferies portfolio manager were criminally charged on Thursday over a Ponzi scheme and related fraud involving water vending machines that totaled as much as $275 million, with military veterans among the victims, U.S. authorities said. Ryan Wear, the former owner of Water Station Management, was charged in Manhattan with securities and wire fraud. Jordan Chirico, who worked at Jefferies' Leucadia Asset Management unit, was charged with securities and investment adviser fraud. The U.S. Securities and Exchange Commission filed related civil charges against both men and Water Station, saying the frauds spanned from late 2016 to early 2024. A lawyer for Wear did not immediately respond to requests for comment, while a lawyer for Water Station declined to comment. Robert Gage, a lawyer for Chirico, said in a statement: "Today's indictment has the story exactly backward. Jordan Chirico is not the villain. He's a victim. ... We look forward to clearing Jordan's name in court." Authorities said Wear, 49, of Everett, Washington, defrauded ordinary investors and veterans into buying more than 15,000 purported revenue-generating water machines, and sold bonds he falsely claimed were collateralized by his machines. According to court papers, Wear manufactured far fewer machines than he claimed, sold some to multiple investors, and used new money to repay earlier investors and cover personal expenses, including a home on Camano Island near Seattle. Chirico, 41, of Carmel, Indiana, allegedly breached his fiduciary duty to investors in Leucadia's 3/5/2 Capital ABS Master Fund, which he managed, by concealing conflicts of interest. Authorities said Chirico bought $107 million of Water Station bonds for the fund without revealing his $7 million stake in the company and millions of dollars of distributions and referral fees. Chirico allegedly also ignored "red flags" that many water machines did not exist, and made getting his own money back before his investors' money a higher priority. Leucadia is winding down the 3/5/2 fund, which has recovered none of its bond principal, authorities said. Water Station was forced into Chapter 11 bankruptcy last August, two months after Leucadia ended Chirico's employment, the SEC said. Jefferies and Leucadia were not charged. "The deception and obfuscation these two men allegedly engaged in to siphon funds from retail investors, even U.S. military veterans, is absolutely unconscionable," FBI Special Agent in Charge W. Mike Herrington said in a statement.
