Key Highlights
- Apple and Intel have finalized a preliminary chip production agreement.
- Shares of INTC closed nearly 14% higher, after spiking more than 19% during trading hours.
- AAPL shares also rose over 2% following the announcement.
- Commerce Secretary Howard Lutnick and the Trump administration were instrumental in facilitating negotiations between the tech giants.
- Discussions between Intel and Apple have spanned more than a year, with the final terms negotiated in recent months.
Intel (INTC) has secured what many are calling a landmark manufacturing partnership — a preliminary agreement to produce chips for Apple products.
Shares of INTC skyrocketed more than 19% during intraday trading on May 9, 2026, ultimately settling with a gain of nearly 14%. Meanwhile, Apple (AAPL) saw its stock rise over 2% on the same day.
Negotiations between the two technology leaders have been underway for more than a year, with a concrete agreement taking shape over recent months. Details remain scarce regarding which specific Apple devices will utilize Intel-manufactured chips. Apple produces upwards of 200 million iPhones each year, in addition to significant volumes of iPads and Mac computers.
Both companies declined to provide official statements.
White House Involvement Accelerated Partnership
The partnership didn’t materialize without significant external influence. Over the past year, Commerce Secretary Howard Lutnick conducted multiple meetings with high-level Apple executives, including CEO Tim Cook, actively promoting a partnership with Intel.
President Trump directly advocated for Intel during face-to-face discussions with Cook at the White House. “As soon as we went in, Apple went in, Nvidia went in, a lot of smart people went in,” Trump stated in January.
During the previous summer, the Trump administration restructured approximately $9 billion in federal subsidies into equity, securing a 10% ownership position in Intel. This government backing seemingly strengthened Intel’s position when courting major clients.
Since assuming the CEO role in spring 2025, Intel’s Lip-Bu Tan has also forged partnerships with SpaceX and Nvidia — positioning Apple as the third high-profile addition to Intel’s foundry client list.
Manufacturing Revival Gains Momentum
Tan has been systematically revitalizing Intel’s foundry operations, aiming to close the gap with industry leaders TSMC and Samsung after years of competitive decline.
His strategy included recruiting Wei-Jen Lo, a former TSMC executive — a hiring decision that resulted in legal action from TSMC — and committing substantial resources to Intel’s cutting-edge 14A manufacturing process.
Tan has also restructured leadership across Intel’s data center processor and client computing divisions while establishing a dedicated custom silicon business unit.
Following the partnership announcement, Intel shares reached a peak of nearly $118 during morning trading before continuing their upward trajectory.
Intel currently holds a GF Score of 71/100, with impressive momentum metrics at 9/10. Conversely, its valuation score registers just 1/10, and GuruFocus data indicates the stock is trading at $124.92 — significantly exceeding its estimated GF Value of $28.02.
Insider activity shows approximately $4.0 million in stock sales during the past three months, with zero insider purchases reported over the same timeframe.
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