Chipmaker, Intel Corp. (NASDAQ:INTC) CEO Lip-Bu Tan expressed gratitude toward President Donald Trump and the U.S. government during the company's third-quarter earnings results, describing Washington as an essential ally in restoring America's semiconductor dominance.
Honored By President Trump’s ‘Confidence’
On Thursday, during the company’s third-quarter earnings call, Tan said, “In particular, I’m honored by the trust and confidence President Trump and Secretary Lutnick has placed in me.”
“Their support highlights Intel’s strategic role as the only U.S.-based semiconductor company with leading-edge logic R&D and manufacturing,” Tan said, adding that the company’s relationship with the federal government was central to its turnaround.
“This includes accelerated funding from the United States government,” alongside investments made by NVIDIA Corp. (NASDAQ:NVDA) and Softbank Group Corp. (OTC:SFTBY), which would not have been possible otherwise.
Having taken over as CEO in March, Tan tied Intel's recovery to broader national goals of technological independence and industrial revitalization.
He said, “We are fully committed to advancing the Trump administration’s vision to restore semiconductor production and proudly welcome the U.S. government as our essential partners in our efforts.”
Stock Rallies Following Strong Q4 Results
Tan described the company’s third-quarter results as its “fourth consecutive quarter of improved execution.” Intel reported $13.65 billion in revenue, up 3% year-over-year, and ahead of analyst estimates at $13.14 billion. Profits during the quarter stood at $0.23 per share, significantly ahead of consensus figures at $0.01 per share.
The stock was up 3.36% on Thursday, closing at $38.16 per share, and is up 8.44% in pre-market trade on Friday, following the earnings announcement. It scores high on Momentum in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock.
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