Trump on Intel Stake: ‘I Made $75 Billion — Not for Me, for the Country’

President Donald Trump touted the government’s equity stake in Intel (INTC) again this week, claiming the position has generated roughly $75 billion in gains for taxpayers. His framing: he didn’t do it for himself, he did it for the country.

The comments follow months of Trump pointing to the Intel deal as a template for how Washington could take equity in strategically important companies instead of just writing checks.

What Trump actually said

Trump reiterated that with Intel, he ‘made $75 billion’ and framed the windfall as a return for the country rather than a personal win. Earlier this year he told CNBC the U.S. ‘really had no investment’ and ‘made about, I guess, $70 billion in a period of eight or nine months.’

The number has since climbed as Intel shares kept rallying.

How the Intel deal was structured

Under the August 2025 agreement, the U.S. government made an $8.9 billion investment in Intel common stock, funded by $5.7 billion in previously awarded but unpaid CHIPS Act grants plus $3.2 billion from the Secure Enclave program.

The government purchased 433.3 million shares at $20.47 apiece for a 9.9% stake, at a discount to the then-current market price, with the investment structured as passive ownership with no board seat. A five-year warrant at $20 per share for an additional 5% of Intel common shares was also included, exercisable only if Intel ceases to own at least 51% of its foundry business.

Where the $75 billion figure comes from

Government CHIPS Act grants of $5.7 billion, plus $3.2 billion from separate awards, were converted to equity, and Intel’s stock has since increased by more than 300%.

Since the deal, Apple and Intel reportedly reached a preliminary agreement for Intel to make some chips for Apple devices, and Tesla CEO Elon Musk said he plans to rely on Intel’s future chips for his $119 billion Terafab project. That helps explain the mark-to-market bragging.

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Why traders should care

The Intel precedent has become a policy template. Trump has floated it in response to reports OpenAI’s Sam Altman discussed giving the U.S. government a 5% stake, and has pointed to Intel as an example of why he believes taking equity can be more valuable than lending money.

Weeks before the Intel deal, Trump announced that Nvidia and AMD had agreed to pay the U.S. 15% from the sales of their chips to China. Any company negotiating with Washington for grants, export licenses, or subsidies could now be on the hook for equity or revenue share.

The pushback

Senator Elizabeth Warren has argued that the details of the deal show taxpayer money going to Intel with little in return, calling it ‘an extremely risky investment’ given that Intel’s stock lost 60% of its value the prior year. Since then, the stock ripped, which is exactly the counterargument Trump keeps making.

Options market and stocks to watch

Watch for continued flow and volatility around the following names as the ‘government-as-shareholder’ theme develops:

• INTC — the poster child of the trade. Watch for reactions to any commentary on the warrant, foundry spinoff chatter, or additional government involvement.
• NVDA — already subject to the 15% China chip-sales arrangement; watch for any expansion of that model.
• AMD — same China-revenue framework as Nvidia; any new terms could move the stock.
• AAPL — reportedly in a preliminary deal to have Intel produce some chips; watch for confirmation or supply-chain implications.
• TSLA — Musk’s Terafab project reportedly leans on Intel’s future chips, tying two big names together.

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