Intel (INTC) Stock Soars to Record High on Apple Manufacturing Partnership
The main driver behind the rally was news that Apple and Intel have established a preliminary manufacturing partnership for Intel to produce certain chips destined for Apples product lineup. Negotiations between the tech giants have been ongoing for over twelve months. Specifics regarding which Apple product lines would receive Intel-manufactured chips remain undisclosed. Apples annual shipments exceed 200 million iPhones, complemented by millions of iPads and Mac computers. Neither company provided official statements. The current administration played a pivotal role in facilitating this partnership. Commerce Secretary Howard Lutnick conducted numerous meetings with Apple CEO Tim Cook throughout the past year to encourage the collaboration. President Trump directly promoted Intel to Cook during a White House meeting. “As soon as we went in, Apple went in, Nvidia went in, a lot of smart people went in,” Trump said in January. Last summer, the federal government transformed approximately $9 billion in grants into equity, securing a 10% ownership position in Intel. This government backing enhanced Intels standing with prospective partners. Strong Q1 Performance Exceeds Forecasts The Apple partnership announcement arrived alongside impressive quarterly results. Intel reported first quarter 2026 revenue of $13.6 billion, marking a 7% year-over-year gain. Adjusted earnings per share reached $0.29 — dramatically surpassing the