Yet Intel still matters, as Mr Trump’s interest shows. The most advanced chips, vital for smartphones and AI, are now made almost entirely by TSMC. America’s tech giants depend on it. Such reliance on a single supplier—particularly one based in Taiwan—is risky.

Japan’s SoftBank will invest $2 billion into struggling American chipmaker Intel, the two companies announced Monday.

US Commerce Secretary Howard Lutnick said Tuesday that chipmaker Intel should give the government an equity stake in the company in exchange for grants earlier committed by former president Joe Biden's administration.

The billionaire investor often called Japan's Warren Buffett is making a huge bet on a legendary US firm. Shares jumped eight percent.