Semiconductor stocks rose on Friday after U.S. President Donald Trump praised Intel and its CEO.
Intel shares rose 2% in extended trading on Thursday after Trump said he had “a great meeting with the very successful Intel CEO, Lip-Bu Tan” in a post on Truth Social. It was last seen 2.46% higher in early pre-market trading Friday.
Other chip and AI-related names saw an uplift as investors digested Trump’s post. Broadcom and Micron rose 0.49% and 0.9% in premarket, respectively. AMD gained 0.32%.
“The United States Government is proud to be a Shareholder of Intel, and has already made, through its U.S.A. ownership position, Tens of Billions of Dollars for the American People — IN JUST FOUR MONTHS,” Trump wrote.
“We made a GREAT Deal, and so did Intel. Our Country is determined to bring leading edge Chip Manufacturing back to America, and that is exactly what is happening!!!”
The U.S. government took a 10% stake in Intel through an $8.9 billion investment from the CHIPS and Science Act in August, which had otherwise been struggling.
Intel’s share price has risen 75% since the Trump administration announced its stake in the company, which also made the U.S. government its majority shareholder.
Outside the U.S., European names ASML, which manufactures machines needed to make advanced computer chips, and ASMI, which makes semiconductor manufacturing equipment, advanced 4.74% and 3.47% respectively on Friday.
Elsewhere, memory chip firms also rallied at the start of the year as a core component to the training and running of artificial intelligence.
— CNBC’s Jordan Novet contributed to this report.
