Well, sort of true...
It depends on the rate at which the stock has gone up. Intel always grants options at market value. Options granted this year are going to cost employees somewhere around $25/share. Certainly when they exercize options this year they will have a lower basis as they would have been granted in the past when the stock was lower... but it has been a while since it was as low as $6, which is the current book value. If the option price is $15, they give Intel $15 for a share of stock with $6 in book value, thus increasing the overall book value of the stock.
--Alan
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