After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock’s sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago.

U.S. Treasury Secretary Scott Bessent on Tuesday said any U.S. investment in Intel would be aimed at helping the troubled chipmaker stabilize, as Commerce Secretary Howard Lutnick said the government wanted equity stakes in exchange for its support of semiconductor manufacturers.

Lutnick just laughed it off, indignantly pointing out that “we were just giving away the money” under the previous terms of the CHIPS Act. But the legality of any equity stake would likely be challenged by both Intel shareholders and competitors in the industry, according to the Times.

Shares in the chip maker rose following news of SoftBank’s planned investment and a possible stake for the U.S. government.

Treasury Secretary Scott Bessent said the White House wouldn't try to flex its power with a stake in Intel.

The White House is reviewing taking a 10% stake in chipmaker Intel, White House Press Secretary Karoline Leavitt explains the end goal of what would be the first of its kind move.

The stock closed nearly 7% higher Tuesday after Japan’s SoftBank (JP:9984) agreed to invest $2 billion in

The Trump administration is weighing whether to take a 10% ownership stake in Intel, according to a Bloomberg report, a move that could make the U.S. government the chipmaker’s largest shareholder. Officials are discussing converting part or all of Intel’s $10.