Intel Stock Rockets 14% on Apple Chipmaking Talks
Intel shares hit a new all-time high after reports surfaced of early-stage discussions with Apple about foundry services.
Intel is on an absolute tear. Shares surged 14% on Tuesday, punching through to a new all-time high after reports emerged that Apple has held preliminary conversations with Intel about using its chipmaking capabilities.
The talks are described as early-stage, so nothing is locked in. But the mere possibility of Apple — the world's most valuable company — tapping Intel as a foundry partner was enough to send investors into a frenzy.
The rally extends what's already been a historic run for Intel dating back to April. The stock's momentum suggests Wall Street is buying hard into Intel's foundry ambitions.
Landing Apple as a manufacturing client would be a massive validation of Intel's pivot toward becoming a contract chipmaker. For now, though, it's just talks. Early ones at that.