Key Takeaways
- A preliminary chip manufacturing partnership between Intel and Apple has been announced, driving significant market movement.
- Intel (INTC) shares finished the trading session up nearly 14%, after touching a peak gain exceeding 19% earlier in the day.
- Apple’s stock price also experienced upward momentum, rising over 2% following the announcement.
- Government involvement was instrumental in facilitating this partnership, with Commerce Secretary Howard Lutnick conducting multiple discussions with Apple’s leadership, including CEO Tim Cook.
- Negotiations between the two technology giants have spanned more than twelve months, with the final framework solidified in recent months.
Intel (INTC) has secured what may be one of the semiconductor industry’s most significant manufacturing partnerships in recent years — a preliminary arrangement to produce chips for Apple.
On May 9, 2026, INTC shares experienced an intraday spike exceeding 19%, ultimately settling with a gain of nearly 14% by market close. Meanwhile, Apple (AAPL) saw its shares appreciate by more than 2% during the same trading period.
This partnership has been under development for more than twelve months. While the companies finalized the arrangement in recent months, specific details regarding which Apple product lines will utilize Intel-manufactured chips remain undisclosed. Apple’s annual shipments include over 200 million iPhones, alongside millions of iPad tablets and Mac computers.
Both Apple and Intel declined to provide official statements.
Government Intervention Played Critical Role
This partnership didn’t materialize without external influence. Commerce Secretary Howard Lutnick conducted numerous meetings throughout the past year with high-ranking Apple executives, including CEO Tim Cook, advocating for Apple to partner with Intel.
President Trump directly advocated for Intel during a White House discussion with Cook. “As soon as we went in, Apple went in, Nvidia went in, a lot of smart people went in,” Trump remarked in January.
During the previous summer, the Trump administration restructured approximately $9 billion in federal assistance into equity ownership of Intel, establishing a 10% government stake in the semiconductor manufacturer. This strategic backing seemingly strengthened Intel’s position when courting potential clients.
Lip-Bu Tan, who assumed the role of Intel CEO in spring 2025, has also successfully negotiated partnerships with SpaceX and Nvidia — positioning Apple as the third high-profile customer for the foundry business.
Major Validation for Intel’s Foundry Strategy
Tan has been systematically revitalizing Intel’s contract manufacturing division, Intel Foundry, following years of competitive losses to industry leaders such as TSMC and Samsung.
He recruited former TSMC executive Wei-Jen Lo — a decision that prompted legal action from TSMC — and has committed substantial resources to Intel’s cutting-edge manufacturing technology, designated as 14A.
Tan has also reorganized executive leadership across Intel’s data center processor and client computing divisions while establishing a newly created custom silicon business unit.
On the announcement date, Intel shares reached an all-time high approaching $118 per share before continuing their upward trajectory.
Intel currently holds a GF Score of 71/100, with its momentum metric rated at 9/10. Conversely, the valuation score registers at merely 1/10, and based on GuruFocus analysis, the stock is trading at $124.92 — significantly exceeding its GF Value estimate of $28.02.
Corporate insiders have divested $4.0 million in shares during the previous three-month period, with zero insider purchases reported during that same timeframe.
