Last August, the U.S. government became Intel's largest single shareholder. Critics called it a bailout.
The president now says it is the best trade Washington has made in years. In a post Thursday, Trump said the federal stake in Intel has gained more than $30 billion in 90 days.
Trump signed off on a 10% federal stake in Intel in August of last year. The deal landed when Intel was struggling.
The White House framed the move as a national security play. Chips run phones, cars, and weapons.
Most of the world's high-end chip making sits on the other side of the Pacific. That made Intel's slip a worry for U.S. policy.
Intel rolled out new chip making milestones in early January. That has fueled most of the stock gains since.
In his post, Trump pointed to the rising stock. He said he was responsible for the $30 billion in paper gains.
He also said there are other firms where the federal government has taken stakes "for support." The post framed the move as a win for the people of the U.S., not just Intel.
He said the stake stands as proof that the government can make a sound bet. It is worth noting these are paper gains, not booked profits.
The government has not sold the shares. If Intel stock pulls back, the gain shrinks too.
Even with Intel's run, the U.S. is still behind on chips. Most cutting-edge chip work happens in Asia.
Taiwan is the heart of it. Pat Gelsinger, who ran Intel until late last year, put it plainly in January.
The only metric that counts, he said, is how many chip wafers get built in America. He also said the work to bring that production home will take time.
Decades of supply chain choices sent advanced chip work to Asia. That does not unwind in a quarter or two.
Intel is now part of a small group of U.S. firms where the government holds a direct stake. That can cut both ways.
The state has reasons to support the stock and the firm. It also has rules and goals that other shareholders may not share.
For Intel investors, the stake is a tailwind for now. For investors in other chip names, the read-across is mixed.
A government-backed Intel could put pressure on rivals. Lip-Bu Tan now runs Intel as CEO.
The firm is leaning hard into U.S. fab build-outs and new chip platforms. Each one of those moves carries real risk.
Big spending on factories takes years to pay off. The Intel deal is also a test case.
If it works, expect more of these deals. If it fails, expect pushback on the model from both sides of the aisle.
Trump said there are "others" where federal stakes have paid off. Watch for that list to grow.