Intel signs deal with Apple, shares double to all-time high

Intel just landed the white whale. The company has secured a preliminary agreement to manufacture chips for Apple, a deal that sent Intel shares soaring 19% on May 8 to close at nearly $125. That puts the stock up roughly 240% year-to-date, a run that would make even the most aggressive momentum traders do a double-take.

What the deal actually means

The agreement is preliminary, meaning the ink is still drying and production details are likely still being hammered out.

Apple has been looking to diversify its chip supply chain, a strategic move driven by the reality that depending almost entirely on one manufacturer, TSMC, creates vulnerability. Chip shortages over the past several years made that painfully clear to every hardware company on the planet.

The two companies reportedly spent more than a year in discussions before reaching this point.

Intel’s US foundry operation now counts Microsoft, Amazon, Tesla, and Apple among its partners.

The government’s $8.9B bet is looking smart

The US government invested $8.9B in Intel back in August 2025, part of the broader push to reshore semiconductor manufacturing under the CHIPS Act. That investment has since ballooned in value to approximately $55B.

Intel has stated its US foundry aims to break even by 2027.

What this means for investors

Apple’s stock moved up a modest 1% on the news, bringing its year-to-date gain to about 8%.