U.S. President Donald Trump says his government will make deals like the recent 10% stake taken in Intel (INTC) “all day long.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
“I will make deals like that for our Country all day long,” wrote the president on social media, adding that “stupid people” are upset with a move that should bring more money and jobs to the U.S. “I love seeing their stock price go up, making the USA RICHER, AND RICHER… More jobs for America!!!”
President Trump’s social media post comes after White House economic advisor Kevin Hassett said the 10% stake that Intel gave the government is part of a broader strategy to create a sovereign wealth fund that could help more American companies grow and succeed.
Deal Making
Some analysts and politicians criticized the U.S. government’s 10% stake in Intel, saying it marks an incursion of federal involvement within America’s private sector. The federal government’s 10% stake in Intel is worth $8.9 billion.
While stressing that the government won’t involve itself in Intel’s operations, Hassett said the move is part of an ongoing plan by the Trump administration. “Well, I think this is a very, very special circumstance because of the massive amount of CHIPS Act spending that was coming in,” Hassett said in a media interview. President Trump signed an executive order earlier this year to start a sovereign wealth fund.
Is INTC Stock a Buy?
The stock of Intel has a consensus Hold rating among 29 Wall Street analysts. That rating is based on one Buy, 25 Hold, and three Sell recommendations issued in the last three months. The average INTC price target of $22.17 implies 12.85% downside from current levels.
