New chip-supply deals and cheerleading from President Trump are giving Intel momentum it hasn’t had in years. But the recent jump in the company’s stock belies years of technical missteps that investors shouldn’t be quick to forget. Excitement about Intel began building last August, when Trump took money that had been committed to the company as part of a Biden-era U.S. manufacturing push and converted it into equity. That gave the U.S. government a 10% stake —and sent Intel’s stock skyward. The stake also made it apparent that doing business with Intel could be politically beneficial. Further announcements followed, including a promise…

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