Intel Jumps 8% to Record High on Apple US Chip Tie-Up
Updated
Updated · CNBC · Jun 18
Intel Jumps 8% to Record High on Apple US Chip Tie-Up
3 articles · Updated · CNBC · Jun 18
Summary
Intel climbed 8% to an all-time high Thursday after Donald Trump said Apple would work with the chipmaker to design and manufacture chips in the United States.
The announcement has not been confirmed by Intel, but it fueled bets that the company’s foundry turnaround is gaining traction as big tech looks for alternatives to overseas production.
Semiconductor stocks broadly rallied with the iShares Semiconductor ETF up more than 6%, helping lead a wider market rebound after Wednesday’s Fed-driven sell-off.
The move also reinforced optimism around Intel’s AI data-center CPU business and its push to become a larger domestic manufacturing partner for major technology companies.