Intel Corp. (INTC) Gets 23% Boost on US Govt Backing

We recently published 10 Double-Digit Winners You Wish You Bought Yesterday. Intel Corp. (NASDAQ:INTC) is one of the last week’s top performers.

Shares of Intel Corp. jumped by 23.1 percent week-on-week as investors took heart from the US government’s potential financial backing in a bid to support the long beleaguered chipmaker.

After taking a swipe at Intel Corp. (NASDAQ:INTC) earlier this month, calling the company’s CEO, Lip-Bu Tan, to resign immediately, President Donald Trump appeared to have taken a U-turn following a meeting, saying it was “a very interesting one.”

“His success and rise is an amazing story,” Trump said about Tan.

Reportedly, the US government was ready to provide support to the chipmaker by acquiring a significant stake in its stock.

Citing people familiar with the matter, Bloomberg said the government was considering tapping funds from the 2022 CHIPS Act.

Intel Corp. (NASDAQ:INTC), once the largest chipmaker globally, struggled over the past few decades amid the intensifying competition in the industry and the changing corporate visions from its previous leaders.

Last year, Intel Corp. (NASDAQ:INTC) officially announced plans to embark on a corporate restructuring plan in a bid to claw back to profitability. The initiative included the reduction of at least 15 percent of its total workforce, reducing operating expenses and capital expenditures, and exiting businesses to raise funds, among others.

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