U.S. government takes 10% stake in Intel as company pursues foundry deals with Apple and Google

The U.S. government holds a 10% stake in Intel, with public backing from President Trump and continued political support. U.S. antitrust regulators have cleared additional Intel investments in AI company SambaNova.

Intel is reported to be close to securing major foundry deals with Apple and Google to manufacture next-generation chips using its advanced process and packaging technologies. The company is repositioning itself as a contract chip manufacturer for large tech customers, similar to how Taiwan Semiconductor and Samsung operate.

These developments require heavy, long-term investment: Intel issued fixed rate note offerings in late April and is executing factory build-out plans in the U.S. and Europe. The trade-off for investors is more recurring, contract-based revenue with blue-chip customers and government support, balanced against increased leverage and execution risk in capital-intensive projects that can take years to fully prove out.