NEW YORK — Intel Corp. shares rose sharply on reports of a partnership with Apple Inc. to design and manufacture chips in the United States, announced by President Donald Trump.
Trump said in a Truth Social post on Thursday that Apple had agreed to work with Intel on domestic chip production, describing it as part of efforts to strengthen U.S. semiconductor manufacturing. Intel shares surged as much as 12 percent that day, reaching record highs near $135 before closing up about 10.6 percent at $133.99.
The development comes as Intel, under CEO Lip-Bu Tan, has pursued a turnaround that includes government support. The U.S. government took an approximately 10 percent stake in the company last year as part of broader initiatives to bolster domestic chip production.
An Apple contract would provide Intel with steady demand from one of the world's largest consumer electronics makers and support its foundry ambitions as it competes with contract manufacturers such as TSMC. Details of the agreement, including which specific chips would be involved or timelines, were not immediately available.
Neither Intel nor Apple immediately confirmed the partnership in public statements following Trump's announcement. Apple has previously explored options for U.S.-based chip production, according to earlier reports.
The move aligns with ongoing U.S. policy emphasis on reshoring critical technology manufacturing. Intel has secured other recent deals, including with companies such as Microsoft, Nvidia and Google for various chip-related projects.
"Apple has agreed to work with Intel to design and build its Chips in America," Trump wrote, adding that he decided to support Intel to ensure chips are designed and built domestically.
Intel shares have risen substantially in 2026 amid AI demand and manufacturing milestones, including progress on its 18A process node. The stock has more than quadrupled from lows seen in the prior year.
As of Tuesday, Intel shares were trading with continued volatility following the initial surge. Market participants will monitor for any official confirmation or additional details from the companies involved.
