Semiconductor stocks boosted by Donald Trump’s Intel praise

Semiconductor stocks rose Friday after praise from U.S. President Donald Trump Intel and CEO.

Intel shares rose 2% in extended trading Thursday after Trump said in a post on Truth Social that he “had a great meeting with very successful Intel CEO Lip-Bu Tan.” It was last seen 2.46% higher in pre-market trading on Friday.

Other chip and artificial intelligence-related names rose as investors digested Trump’s post. broadcom And Micron increased by 0.49% and 0.9%, respectively, pre-market. AMD It gained 0.32% in value.

“The United States Government is a proud Shareholder of Intel and, through its ownership position in the United States, has brought Tens of Billions of Dollars to the American People IN JUST FOUR MONTHS,” Trump wrote.

“We got a GREAT deal, and so did Intel. Our country is committed to bringing high-end chip manufacturing back to America, and that’s exactly what’s happening!!!”

The US government took a 10% stake in Intel in August with an $8.9 billion investment from CHIPS and the Science Act;

Intel’s share price has risen 75% since the Trump administration announced its stake in the company and the US government became the majority shareholder.

European names outside the US ASMLmanufactures the machines needed to make advanced computer chips and ASMIInc., which produces semiconductor manufacturing equipment, gained 4.74% and 3.47%, respectively, on Friday.

Elsewhere, memory chip companies came together at the beginning of the year as a key component of training and operating AI.

— CNBC’s Jordan Novet contributed to this report.