The Trump administration’s investment in Intel appears to be paying off, but the once-mighty chipmaker has a long way to climb back to industry dominance.

In August, the US government announced it was converting about $9 billion in federal grants that Intel had been issued during the Biden administration into a roughly 10 percent equity stake in the company. During its third-quarter earnings on Thursday—its first financial update since Trump’s surprise investment—Intel reported that it earned $13.7 billion in revenue over the past three months, a three percent increase year-over-year. It’s the fourth consecutive quarter that Intel has beat revenue guidance.

Intel’s stock price is up more than 90 percent since it made the deal with Trump over the summer. Back then, the company’s shar

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