Intel’s Stock Meltdown Risks Eroding Trump-Endorsed Comeback

Intel Corp.’s stock slide is delivering a reality check to President Donald Trump’s vision for quickly reviving domestic chip manufacturing led by an American champion, four months after the US moved to acquire as much as a 10% stake in the company.

Though Chief Executive Officer Lip-Bu Tan managed to win the president’s confidence and save his own reputation in Washington, turning around his company is proving more arduous. Intel’s shares plunged Friday, tumbling as much as 18%, following a lackluster forecast that highlighted the company’s struggles in lining up big customers.