Intel CEO Lip-Bu Tan had a successful meeting with the President of the United States.
The U.S. government's investment in Intel is already solidly in the black.
Shares of Intel (NASDAQ: INTC) leaped over 10% on Friday, following President Donald Trump's positive comments about the U.S.-based chipmaker.
Image source: Intel.
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Intel CEO Lip-Bu Tan met with President Trump earlier this week. That meeting apparently went very well.
After the market close on Tuesday, Trump lauded the "very successful" Lip-Bu Tan.
Trump noted the recent launch of the semiconductor giant's new Core Ultra Series 3 processors, the "first sub-2-nanometer CPU processor designed, built, and packaged right here in the U.S.A."
In August, the U.S. government took a 10% stake in the American chipmaker. It paid $8.9 billion to buy 433.3 million shares of Intel at $20.47 per share. With Intel's stock now trading at $45.55, that stake is currently worth more than $19.7 billion.
"The United States government is proud to be a shareholder of Intel, and has already made, through its U.S.A. ownership position, tens of billions of dollars for the American people -- in just four months," Trump said. "We made a great deal, and so did Intel."
To fund its investment in Intel, the government used grants from the CHIPS and Science Act and other programs intended to support the manufacturing of semiconductor chips used for artificial intelligence (AI) and other advanced technologies within the borders of the U.S.
"Our country is determined to bring leading-edge chip manufacturing back to America, and that is exactly what is happening," Trump said.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel. The Motley Fool has a disclosure policy.