Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind President Donald Trump's plan to convert U.S. grants to chipmakers, including $10.9 billion for Intel, into government stakes in the companies.

After months of turbulence, Intel Corp. bulls are finally being rewarded for their patience. But the stock’s sudden rebound comes with a worrying side effect: a valuation so high its most recent precedent is from the dot-com era more than two decades ago.

Shares in the chip maker rose following news of SoftBank’s planned investment and a possible stake for the U.S. government.

Lutnick just laughed it off, indignantly pointing out that “we were just giving away the money” under the previous terms of the CHIPS Act. But the legality of any equity stake would likely be challenged by both Intel shareholders and competitors in the industry, according to the Times.

Intel is in talks with other large investors to get an equity infusion at a discounted price, sources told CNBC's David Faber. It comes after SoftBank announced it would invest $2 billion in the struggling chipmaker.

Target names a new CEO and posts quarterly earnings that beat analysts’ forecasts, while Palantir extends losses into a sixth-straight session.

SoftBank will invest $2 billion into Intel as the struggling chipmaker pulls back on spending and lays off thousands of workers. In an announcement, SoftBank CEO Masayoshi Son said the investment aligns with the firm’s belief that “advanced semiconductor manufacturing and supply will further expand in the United States.”

U.S. Treasury Secretary Scott Bessent on Tuesday said any U.S. investment in Intel would be aimed at helping the troubled chipmaker stabilize, as Commerce Secretary Howard Lutnick said the government wanted equity stakes in exchange for its support of semiconductor manufacturers.