Trump says Apple, Intel partnering on U.S. made computer chips
by Joe Fisher · UPIJune 18 (UPI) -- President Donald Trump said Thursday that Apple is partnering with Intel to design computer chips that will be manufactured in the United States.
The U.S. government took a 10% stake in Intel last year, investing $8.9 billion in its stock as it sought to boost its manufacturing capabilities in the United States.
"I decided to help Intel because we need to design and build our Chips right here in America," Trump posted on social media.
Premarket trading of Intel stock jumped by more than 9% on Thursday.
Apple, based in California, currently produces a majority of its processors for devices like the iPhone, iPad and Mac computer in Taiwan.
Computer chips are becoming more and more crucial to the U.S. and global economy due to the demand for processing power, memory and storage chips from artificial intelligence.
Tim Cook, CEO of Apple, said the company's efforts to "mitigate the huge increases that are being passed to us," as well as "shield our customers from the increases."
"But the situation has become unsustainable," Cook told the Wall Street Journal earlier this week, noting that price hikes on Apple products are "unavoidable."
This week in Washington
President Donald Trump speaks to reporters about restoring commercial fishing access to areas of the Pacific during a signing ceremony in the Oval Office of the White House on Thursday. Photo by Jim Lo Scalzo/UPI | License Photo