Intel Stock Soars After Report of Potential Apple Chip Deal

Intel shares surged about 14% after the Wall Street Journal reported that Apple and Intel had reached a preliminary chip-manufacturing agreement, Jared Blikre reported for Yahoo Finance.

Intel shares gained 100% in April — the company’s best monthly performance on record. (Photo: Intel)

According to the report, Intel would manufacture certain chips for Apple devices, although the specific products involved remain unclear.

The news gave investors renewed optimism about Intel’s foundry turnaround strategy.

Intel stock reached its fourth consecutive intraday record high to end last week. The rally also came during a strong session for semiconductor stocks, with Intel, Micron Technology, and Nvidia collectively adding nearly $280 billion in market value.

Broadcom and AMD also rallied, putting the sector on track to add more than $440 billion in combined market capitalization for the session.

The Apple report comes after Intel’s stock had already surpassed its previous 2000-era peak, extending a remarkable recovery rally. Intel shares gained 100% in April — the company’s best monthly performance on record — and are already up another 32% in May.