Intel (INTC) stock jumped more than 10% on Tuesday morning after Bloomberg reported that Apple approached Intel about manufacturing processors for its devices.
Intel shares hit $105.64 at 9:53 AM ET, up 10.29% on the day. At one point the stock touched $105.80.
The talks are described as exploratory and preliminary. No deals have been signed, and there is no guarantee anything comes of them.
Apple currently leans heavily on TSMC to produce its main chips. The reported conversations with Intel suggest Apple is at least looking at what other options exist.
As part of the same process, Apple executives visited a Samsung manufacturing plant currently under construction in Texas. Samsung was also mentioned alongside Intel in the Bloomberg report.
Intel’s chipmaking division, known as Intel Foundry, has been one of the company’s key strategic bets in recent years. Landing Apple as a customer would be a major win for that business.
Even before Tuesday’s jump, Intel had already been one of the standout performers in the semiconductor space this year.
The stock is up roughly 160% year-to-date. The S&P 500 semiconductors index has gained around 22% over the same stretch.
Despite the strong run, Wall Street remains cautious. Of the 47 analysts covering Intel tracked by LSEG, the average rating is a hold, with a median price target of $80 — well below where the stock is currently trading.
Apple has long worked to diversify and control its supply chain. Its chips, like the A-series and M-series processors, are currently built almost entirely by TSMC.
Any move toward Intel or Samsung would represent a meaningful shift in how Apple sources its most important components.
Intel confirmed it has been expanding its foundry customer conversations, though it has not commented directly on the Apple discussions reported by Bloomberg.
Tuesday’s move added to an already strong run for the stock in 2026.
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