Intel shares rose 2.25% in European premarket trading. SoftBank Group founder Masayoshi Son issued supportive comments regarding the company during an investor call.
Son highlighted Intel's manufacturing capabilities as a vital alternative for companies seeking to diversify away from Taiwan Semiconductor Manufacturing Company. He also emphasized the chipmaker's crucial role in U.S. national security.
SoftBank Group is currently Intel's eighth largest shareholder. The firm holds a 1.73% stake in the company.
This endorsement provided a positive catalyst for the stock. The gains follow a broader market selloff in semiconductor shares linked to artificial intelligence.