Shares in Intel closed 7.4 per cent higher amidst reports that the Trump administration is considering taking a stake in the semiconductor chipmaker. The move would potentially assist Intel in funding its manufacturing plants in Ohio. The discussions follow a recent meeting between Intel CEO Lip-Bu Tan and President Donald Trump at the White House. Intel is a technology company that designs, manufactures, and sells computer components and related products. It is one of the world’s largest semiconductor chip manufacturers, developing key technologies for the global tech industry.
The meeting between Tan and Trump was prompted by Trump’s earlier social media posts labelling Tan as “highly conflicted” due to past work with Chinese companies, with Trump initially calling for Tan’s resignation. However, following Monday’s meeting, Trump seemingly softened his stance, retracting his demand for Tan’s resignation. Trump indicated that members of his Cabinet would continue discussions with Tan in the coming days to explore potential collaborations.
“The meeting was a very interesting one,” Trump stated in a social media post, acknowledging Tan’s success story. He added that Tan and his Cabinet members would collaborate to bring suggestions to him in the coming week. Intel released a statement characterising the talks as “candid and constructive,” focusing on the company’s commitment to strengthening US technology and manufacturing leadership. Intel is working towards restoring the company’s standing as a leader in its industry, while also focusing on job creation and economic impact.
