When U.S. President Donald Trump promised Intel nearly $9 billion (€7.6 billion) and gave it his vote of confidence as an America-first tech company, it looked like the start of a new era. Investors assumed new orders would flow to the troubled chip maker and bid up the stock 120% in just five months. And customer demand for Intel’s products did explode—but Intel wasn’t ready for it. After months of cutting capacity on its older production lines, the company was unprepared for a surge of orders for processors to put in AI data centers. Intel’s stock has crashed 17%, wiping…

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