NEW YORK — Intel shares rose Wednesday after Chief Executive Lip-Bu Tan said the chipmaker will remain a partner in Elon Musk's Terafab chip manufacturing venture, easing investor fears that rival Taiwan Semiconductor Manufacturing Co. could push Intel aside.

Intel stock gained $1.61, or 1.43%, to $114.11 in morning trading on the Nasdaq, recovering part of Tuesday's 3.2% drop. The shares had also climbed about 2.5% in overnight trading after Tan's comments were reported.

At current prices, Intel has a market value of roughly $576 billion.

Tan told Bloomberg News that Intel would remain involved in the Terafab project. He spoke to reporters ahead of an event in Tokyo marking Intel's 50th year of operations in Japan.

Terafab is a planned semiconductor manufacturing complex in Texas backed by Musk's companies, including Tesla and SpaceX, aimed at producing chips for artificial intelligence and robotics. Intel became the first company to back the venture in April, when it pledged its support, and has been its only named chip partner.

During Tesla's most recent quarterly earnings call, Musk indicated that Intel's 14A manufacturing process would serve as the backbone for chip production at Terafab.

TSMC talks rattled........

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