Intel’s stock hits biggest weekly jump since 2000
Intel stock surged nearly 23% this week, marking its largest weekly gain since 2000.
The rally was driven by US Vice President JD Vance’s optimistic comments regarding domestic AI chip production and growing investor speculation about a potential joint venture with TSMC, News.Az reports, citing foreign media.
Intel’s weeklong rally began after Vice President JD Vance spoke about domestic chip manufacturing during an address at the AI Summit in Paris on Tuesday. Vance said the Trump administration would "ensure" that AI in the US is built "with American designed and manufactured chips." Shares of Intel jumped 6% following the comments.
Struggling chipmaker Intel, once the world's leading semiconductor firm, is the only American company that would be capable of manufacturing AI chips at scale, if its latest manufacturing developments are successful. Rivals Samsung (005930.KS) and TSMC have expanded operations in the US with support from the US CHIPS Act, but most of their manufacturing capabilities are in their home countries.
Leading American tech firms such as Apple and Nvidia rely on Taiwan's TSMC, not Intel, to make their most advanced chips, and Taiwan accounts for the second-largest share of total semiconductor imports in the US. The risk of a Chinese invasion of Taiwan, given rising US-China tensions, has prompted the US government to focus on expanding its domestic chip manufacturing footprint.
Similar news
