Key facts
- President Donald Trump announced that Apple has agreed to work with Intel to design and build its chips in America.
- Trump also stated that Elon Musk's TerraFab would build the world's largest chip factory with Intel's technology.
- Intel's stock price increased significantly in premarket trading following Trump's announcement.
- The U.S. government had previously committed $8.9 billion to Intel in August of the previous year.
Intel's stock experienced a significant surge in premarket trading on Thursday after President Donald Trump announced that the chipmaker had secured a deal with Apple to design and build its chips within the United States. Trump also claimed that Elon Musk's TerraFab would construct the world's largest chip factory utilizing Intel's technology.
Trump, who is set to return to office in early 2025, has frequently championed Intel as a symbol of American technological manufacturing prowess, expressing concern over the concentration of semiconductor production in Asia. He has actively encouraged major tech firms, including Nvidia and Apple, to increase their domestic manufacturing operations.
In a social media post, Trump emphasized the need for U.S. manufacturing, stating, "We design everything, but we need to BUILD it here, NOW!" He detailed his involvement in facilitating agreements, including bringing Nvidia to build its first level chips with Intel, and assisting Musk with TerraFab's factory.
This development follows a substantial investment by the U.S. government in Intel, with an $8.9 billion commitment made in August of the previous year to support American technology and manufacturing leadership. Since that agreement, Intel's share price has reportedly climbed over 400%.