Embattled tech behemoth Intel Corp (NASDAQ:INTC) received not one but two lifelines. Earlier on Monday, Japanese investment behemoth SoftBank (OTC:SFTBF) (OTC:SFTBY) announced that it would acquire a $2 billion stake in the struggling chipmaker, purchasing shares at $23 each.
The White House confirmed the next day that it is negotiating a deal under which the U.S. government would take a 10% equity stake in Intel in exchange for outstanding CHIPS Act grants. That twin boost of support initially pushed Intel stock higher. However, on Wednesday, the stock fell almost 8% as investors awaited the government’s decision on the stake purchase and processed the possible consequences.
