Intel shares rose 2% in after-hours trading on January 8 following comments from President Donald Trump praising the company’s CEO Lip-Bu Tan and the US government’s investment in the chipmaker.

The US government took a 10% stake in Intel in August through an US$8.9 billion investment, funded by CHIPS Act grants and awards for semiconductor manufacturing.

Intel, which supplies processors for PCs and servers, has seen its stock climb 75% since the government’s involvement, making the US its largest shareholder.

CEO Lip-Bu Tan took over in March after the company lost market share to rivals such as AMD and Nvidia.

Intel announced layoffs and a reduction of chip production in the US and Europe in July, with a new plant in Ohio expected to open in 2030 or 2031.

🔗 Source: CNBC

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