Topline
Intel’s stock surged in the final hour of trading Thursday, after a Bloomberg report said the Trump administration is considering a stake in the tech giant just days after Trump met with chief executive Lip-Bu Tan, after previously calling for his ouster.
Intel shares closed up 7.4% Thursday, reaching their highest point since March and erasing a slide in shares that materialized last month after its latest earnings report fell short of Wall Street expectations.
The Trump administration is in talks with Intel about buying equity in the company as a way to strengthen its manufacturing presence in the U.S., Bloomberg reported, noting the deal would support one of Intel’s upcoming manufacturing plant in Ohio.
The size of the potential stake is unknown, according to Bloomberg.
Following repeated delays, Intel is slated to construct two facilities in Ohio worth $28 billion by 2030.
White House Spokesman Kush Desai told Forbes in an email, “Discussion about hypothetical deals should be regarded as speculation unless officially announced by the Administration.”
Forbes has reached out to Intel for comment.
This is a developing story. Check back for updates.