Shares of Intel climbed approximately 11% Thursday following President Donald Trump’s Truth Social announcement claiming Apple has committed to partnering with Intel for chip design and manufacturing on American soil.
The announcement pushed INTC to $134.12, trading within a daily range of $127.92 to $135.46.
In his post, Trump stated: “Apple has agreed to work with Intel to design and build its Chips in America.” He positioned the announcement as part of his broader initiative to restore domestic semiconductor production, referencing previous announcements involving Nvidia and Elon Musk’s proposed Terafab manufacturing facility.
However, there’s a significant issue — neither tech company has verified the claim.
Apple refused to provide commentary. Intel offered no statement. No agreement details have been made public. While a May report suggested preliminary discussions about Intel manufacturing certain Apple-designed semiconductors, even that remained unconfirmed.
During the Q1 earnings conference call, Intel CEO Lip-Bu Tan explained the company’s approach: “We have no plan to announce the customer unless the customer wants to announce it.” This policy makes a presidential social media post an unconventional channel for breaking foundry partnership news.
The semiconductor industry experienced widespread gains following the announcement. Micron advanced 4.7%, Marvell jumped 5.7%, Qualcomm and Broadcom both increased 3%, and the VanEck Semiconductor ETF rose 3.2%.
Should an Apple partnership materialize, it would represent a major achievement for Intel’s contract manufacturing strategy. The foundry division’s revenue expanded 16% annually to $5.4 billion during Q1 2026. Nevertheless, third-party customers contribute only a minimal portion — Intel predominantly manufactures for its own product lines.
Securing Apple as a client would provide the high-profile validation Intel has been pursuing. It’s worth noting that Apple discontinued Intel processors in its Mac computers in 2020, transitioning to proprietary chip architectures. Any new collaboration would position Intel as a third-party manufacturer — not a return to Intel-designed components in Apple devices.
Industry reports indicate that legacy or lower-tier Apple chips might transition to Intel facilities, with manufacturing unlikely before late 2027. Apple’s cutting-edge processors would continue production at TSMC.
Intel’s 18A advanced manufacturing technology commenced limited production this week, representing what the company characterizes as progress in foundry competitiveness.
Intel’s core operations have shown improvement. Total revenue increased 7% year-over-year to $13.6 billion in Q1 2026, while its data center and AI division expanded 22%. The federal government maintains approximately a 10% ownership position, purchased last August for $8.9 billion — now valued above $50 billion.
Yet the stock’s current pricing raises questions. With a market capitalization exceeding $674 billion against roughly $53 billion in trailing revenue, INTC commands over 13 times sales — an elevated multiple for a cyclical semiconductor manufacturer.
Shares have surged more than 500% during the past year. Significant positive expectations appear already reflected in the price — regardless of whether an Apple partnership exists.
Intel’s next-generation 18A manufacturing process began limited production earlier this week, marking what the company described as a critical achievement in its technology development timeline.
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