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President Donald Trump says the U.S. has brought in $30 billion in funds generated from federal stock holdings in Intel over the past 90 days alone.
Trump made the announcement on Thursday, highlighting that he authorized the U.S. government to invest in the semiconductor manufacturing company. Trump revealed in August of last year that Intel had agreed to the federal government acquiring a 10% stake in the company.
“Intel Stock continues to rise. I’m very proud of that Company in that I am responsible for making the United States of America over 30 Billion Dollars in the last 90 days on that stock alone,” Trump wrote.
“There are others that, likewise, I have been very successful with by taking pieces of the Equity for support. Congratulations to Intel on doing such a great job and, more importantly, congratulations to the People of the United States for making such a good investment!” he added.
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The administration announced the deal with Intel when the company was struggling last year. Semiconductors power everything from smartphones to defense systems, and Intel’s slowdown was a national security concern, industry analysts say.
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Intel unveiled new chip manufacturing milestones in early January, accounting for much of its growth. Nevertheless, former Intel CEO Pat Gelsinger warned at the time that the United States still has a long way to go to reclaim chip production from Asia.
“The metric [is] though, how many wafers are being built in America,” Gelsinger said in January on “The Claman Countdown.”
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“That is the only thing that matters,” he added.
Much of the world’s advanced chip manufacturing remains concentrated in Asia, particularly Taiwan. U.S. officials have said the imbalance poses economic and national security concerns.
Gelsinger said it is critical that manufacturing return to the United States, while cautioning that progress will take time.
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“It’s hard to win that manufacturing back. You know it took decades for it to sediment into Asia. It doesn’t come back quickly,” he said.
FOX Business’ Madison Colombo contirbued to this report.
