Intel's intraday surged over 10%, surpassing a $600 billion market cap

On May 20, Intel (INTC.O) rallied more than 10% intraday, per Bitget market data, hitting $121.9 per share and lifting its market capitalization past $600 billion. Recently, Trump has voiced regret that the U.S. government’s earlier investment in Intel came with a stake that was too small. Last August, the Trump administration converted roughly $8.9 billion in CHIPS Act subsidies into equity—buying about 433 million shares at $20.47 apiece—to secure a 9.9% holding in Intel. Just 8 months later, that stake has ballooned to over $500 billion in value, marking an unrealized gain of more than $41 billion. This windfall is a direct result of the U.S. government actively driving Intel’s performance. Apple has reached a preliminary deal with Intel for the latter to manufacture its chips, breaking Taiwan Semiconductor’s long-held monopoly. As a major Intel shareholder, U.S. Commerce Secretary Howard Lutnick met with Apple’s Tim Cook multiple times over the past year, vigorously persuading Apple to redirect orders to Intel. Soaring demand for AI chips from heavyweights like NVIDIA has severely strained Taiwan Semiconductor’s production capacity; plagued by its own chip shortages, Apple ultimately caved in.