The U.S. converted $8.9B in CHIPS Act grants and Secure Enclave funding into 433.3M Intel shares (9.9%) at $20.47 each and now shows an unrealized gain of about $26.5B after Intel shares rose ~22% to ~$81.80 (position valued ~ $35.4B). The government also holds warrants for an additional 5% at $20/share. The rally followed Intel beating Q1 expectations (revenue $13.6B vs. $12.4B expected; non‑GAAP EPS $0.29 vs. -$0.01 expected), Data Center & AI revenue up 22% to $5.1B, and upbeat Q2 revenue guidance ($13.8–$14.8B).

Shares jumped ~22% premarket, valuing the converted 433.3M‑share government position at ~$35.4B and producing an unrealized ~$26.5B gain; government also holds warrants to buy another 5% at $20. The price rally directly followed concrete, market‑moving Q1 beats (revenue $13.6B vs $12.4B expected; non‑GAAP EPS $0.29 vs -$0.01) and stronger Data Center & AI revenue (up 22% to $5.1B) plus firm Q2 revenue guidance, all factual drivers for near‑term stock moves.