Intel shares rose 2% in extended trading on Thursday after President Donald Trump posted a flattering message on social media about the chipmaker and its CEO, and championed the government’s investment in the company.

“I just finished a great meeting with the very successful Intel CEO, Lip-Bu Tan,” Trump wrote on Truth Social.

In August, the U.S. government took a 10% stake in Intel through an $8.9 billion investment. That came from CHIP Act grants that hadn’t been paid and government awards for semiconductor manufacturing.

“The United States Government is proud to be a Shareholder of Intel, and has already made, through its U.S.A. ownership position, Tens of Billions of Dollars for the American People — IN JUST FOUR MONTHS,” Trump wrote. “We made a GREAT Deal, and so did Intel. Our Country is determined to bring leading edge Chip Manufacturing back to America, and that is exactly what is happening!!!”

Intel shares have soared 75% since Trump administration’s announced investment, lifting the government’s stake to over $18 billion. The U.S. government is now Intel’s biggest shareholder.

Tan replaced Pat Gelsinger as Intel’s CEO in March, after the company had lost market share to AMD and Nvidia, as well as producers of chips based on energy-efficient Arm designs. But Intel remains a key supplier of processors for PCs and computer servers.

In August, Trump called on Tan to resign, saying the CEO was “conflicted.” The remarks came after U.S. Sen. Tom Cotton, a Republican from Arkansas, questioned Tan’s ties to China. Tan invested in more than 600 Chinese technology companies, Reuters reported in April.

Over the summer Intel laid off thousands of employees, and Tan moved to pull back on chip production in the U.S. and in Europe. A plant in Ohio is set to come online in 2030 or 2031.

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