Intel Stock Soars on Apple Chip Deal and SK Hynix Talks

Intel (INTC) shares surged over 14% on Friday and gained another ~6% in premarket Monday after back-to-back announcements. The Wall Street Journal reported a preliminary agreement for Intel to manufacture chips for Apple devices, a deal that could eventually bring in $10 billion annually by 2030. Meanwhile, ZDNet Korea reported Intel is in talks with SK Hynix on chip-packaging technology, potentially adding a second major foundry customer. Bank of America raised its price target to $96 from $56 but kept an Underperform rating, arguing the upside is already priced in and margins will face early pressure. Intel’s Q1 earnings had already beaten expectations, with adjusted EPS of $0.29 vs. $0.01 consensus. The stock hit a record close of $124.92, with year-to-date gains of ~240%.