White House mulls 10% stake in Intel after CEO meeting

The White House may be ready to take a 10% stake in Intel, fueling ongoing speculation an investment is being hammered out, according to Bloomberg. The move would shore up national security and advance more chipmaking in the U.S. vs. Asia and other nations. Intel's stock slipped on Monday but has gained 18% this year, with some of the advance being fueled by reports of a government investment first reported last week. Shares rose 24% for the week through last Friday, the best weekly performance since January 2000, as tracked by Dow Jones Market Data Group. The White House and Intel declined FOX Business' request for comment.TRUMP DEMANDS INTEL CEO RESIGN OVER ALLEGED CHINESE COMPANY TIESIntel CEO Lip-Bu Tan first drew President Donald Trump’s ire after Trump urged him to resign over his ties to China. "The CEO of INTEL is highly  CONFLICTED and must resign, immediately. There is no other solution to this problem," the president wrote on Truth Social.In the days following, Tan defended himself in a letter to employees and then met with Trump and his team at the White House, which prompted the president to change his tune. "I met with Mr. Lip-Bu Tan, of Intel, along with Secretary of Commerce, Howard Lutnick, and Secretary of the Treasury, Scott Bessent. The meeting was a very interesting one. His success and rise is an amazing story. Mr. Tan and my Cabinet members are going to spend time together and bring suggestions to me during the next week," he wrote on Truth Social.During an interview on FOX Business Network's "Mornings with Maria" last week, Bob Nardelli, the former CEO of Chrysler and Home Depot, weighed in on reports of a deal."I think it's another proof-positive example of how President Trump has really refined the art of the deal. It's just amazing what he has done in reshaping the global economy," he said. Intel had been under pressure from shareholders over its failure to secure a turnaround. The turmoil cost then-CEO Patrick Gelsinger, who attended former President Joe Biden’s State of the Union address in 2022, his job in December 2024.INTEL'S NEW CEO TASKED WITH TURNING AROUND THE CHIP GIANTThe chipmaker was one of the biggest beneficiaries of the CHIPS and Science Act. Intel received $7.86 billion from the Biden administration to help fund "commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon," according to the company. The figure is lower than the preliminary $8.5 billion federal chips grant that was announced in March 2024.GET FOX BUSINESS ON THE GOWeiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business