Intel stock was gaining again early Wednesday. The chip company's shares are on the brink of levels not seen for several years as investors bet President Donald Trump's support for the company will boost its chip-manufacturing ambitions.

Intel was up 1.6% at $48.06 in premarket trading. The stock rose 7.3% on Tuesday. If it closes above $50, it will be the first time it has done so since late 2023.

The stock has risen 31% over the past month benefiting from the company unveiling new processors and comments from Trump praising Intel CEO Lip-Bu Tan. The U.S. government made an $8.9 billion investment for a 10% stake in Intel in August last year.

The surge has made Intel look pricey -- it now trades at a forward price-to-earnings multiple of more than 76 times, according to FactSet. By comparison, artificial-intelligence chip leader Nvidia trades at a forward multiple of less than 25 times.

But Intel optimists hope chips built on its 18A manufacturing process -- and Trump's political support -- could attract outside customers to use the company as an alternative to Taiwan Semiconductor Manufacturing. That would limit the billions of dollars worth of quarterly losses Intel is booking in its foundry, or chip-manufacturing unit.

A $5 billion investment from Nvidia had raised hopes of a major chip-manufacturing deal but so far there has been no indication that it will commit to using Intel's foundry.

Instead, hopes for a major external customer rest primarily on Apple. KeyBanc analyst John Vinh believes Intel has landed Apple as a customer to make low-end M-series processors on 18A for its MacBooks and iPads and is in talks to support low-end mobile A-series processors for iPhones in 2029.

Trump told reporters on Tuesday that following the U.S. government investment in Intel, "Apple went in." However, it wasn't clear what he was referring to.

Apple didn't immediately respond to requests for comment early on Wednesday. A spokesperson for Intel said the company had received investment from the U.S. government, Nvidia, and Japan's SoftBank Group, all of which have previously been disclosed.