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Intel (INTC) stock surged 10% on Friday following a White House meeting between CEO Lip-Bu Tan and President Donald Trump, who declared the United States government was “proud to be a shareholder” of the struggling chipmaker.
The rally extends a remarkable turnaround that has seen INTC stock more than double since the federal government injected $8.9 billion into the chipmaker last August through the CHIPS and Science Act, acquiring a 10% stake at $20.47 per share.