Intel Corp (NASDAQ:INTC, ETR:INL) shares jumped 11% after hours on Thursday, adding about $10 billion to its market value, after reports the US government is considering taking a stake in the chipmaker.
Bloomberg said the move could help fund Intel’s long-delayed chip manufacturing complex in Ohio, first announced in 2022 as a $20 billion project with potential expansion to $100 billion.
The facility, originally slated to open in 2025, is now unlikely to begin production until the 2030s.
Intel, which is in the midst of a turnaround, declined to comment on the report but reiterated its support for US technology and manufacturing initiatives.
The news follows President Trump’s meeting with CEO Lip-Bu Tan earlier this week.
Washington has been pushing to boost domestic chip output under the CHIPS Act, though Intel continues to face challenges in its foundry business and trails Nvidia and AMD in the fast-growing AI market.