Intel secured a preliminary agreement to manufacture chips for Apple, a move that sent shares soaring 19% to nearly $125, marking a 240% year-to-date gain.
The deal, reportedly over a year in the making, helps Apple diversify its chip supply away from sole reliance on TSMC. Intel's US foundry now counts Microsoft, Amazon, Tesla, and Apple as partners.
The US government's $8.9B investment in Intel under the CHIPS Act, made in August 2025, has ballooned to approximately $55B in value.
Apple's stock rose 1% on the news, bringing its year-to-date gain to around 8%.