FOX Business host Charles Payne discusses how Intel is ‘Making Money.’
President Donald Trump says that the US has delivered 30 billion dollars of funds generated from federal shares of Intel in the last 90 days alone.
Trump made the announcement on Thursday, insisting that he had authorized the US government to invest in the semiconductor company. Trump revealed in August of last year that Intel had agreed to let the federal government acquire a 10% stake in the company.
“Intel Stock continues to rise. I am very proud of that Company because I am responsible for making the United States of America more than 30 Billion Dollars in the last 90 days in that stock alone,” wrote Trump.
“There are others that I have been very successful in taking pieces of Equity to support them. Congratulations to Intel for doing such a great job and, more importantly, congratulations to the people of the United States for making such a great investment!” he added.
PROTECTING AMERICANS’ DATA FROM CHINA IS AT THE TOP OF AMERICA’S AGENDA
US President Donald Trump speaks at a Cabinet meeting in the Cabinet Room at the White House. (Chip Somodevilla/Getty Images/Getty)
Executives announced the deal with Intel when the company was struggling last year. Semiconductors power everything from smartphones to defense systems, and Intel’s decline was national security concernssay industry analysts.
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Intel launched the production of new chips milestone at the beginning of January, which causes its greatest growth. Still, former Intel CEO Pat Gelsinger warned at the time that the United States still had a long way to go to bring chip production back to Asia.
Lip-Bu Tan, chief executive of Intel Corp., during a news conference on the sidelines of the Computex conference in Taipei, Taiwan. (Annabelle Chih/Bloomberg via Getty Images/Getty Images)
“The metric [is] however, how many wafers are made in America,” Gelsinger said in January “Claman Countdown.”
HE SAYS WE CAN’T DESTROY CHINA COMPLETELY, BUT WE NEED TO PROTECT AI AND NEW AMERICANS FROM IMPOSSIBLE RESERVATIONS: SECONDS POSTED
“That’s all that matters,” he added.
Most of the advanced chip manufacturing in the world remains focused on Asia, especially Taiwan. US officials have said the imbalance creates economic and national security problems.
Gelsinger said it is important for manufacturing to return to the United States, while cautioning that progress will take time.
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“It’s hard to win that production back. You know it took decades to get into Asia. It’s not coming back quickly,” he said.
FOX Business’ Madison Colombo contributed to this report.
