Intel shares surged as much as 9% in premarket trading on Thursday after President Trump posted on Truth Social that Apple has agreed to partner with the chipmaker to design and manufacture chips inside the United States. The announcement added fresh momentum to Intel’s already remarkable turnaround, with the stock up more than 200% year-to-date under CEO Lip-Bu Tan’s strategy of cost-cutting, attracting external customers, and leveraging federal support.
President Trump claimed the deal was a direct result of his push to reshore semiconductor manufacturing, echoing earlier victories such as the Intel–NVIDIA agreement and Elon Musk’s commitment to build the TerraFab plant with Intel’s engineering team. The White House had previously converted roughly $8.9 billion in CHIPS Act and Secure Enclave funding into a 9.9% equity stake at $20.47 per share; Trump asserted that stake has grown to over $60 billion as Intel’s valuation crossed $600 billion, though independent estimates place the gain closer to $43 billion.
Apple has relied heavily on TSMC for advanced chips, but soaring AI demand from NVIDIA and AMD has strained TSMC’s capacity. A potential Intel contract would give Apple a domestic alternative and could double Intel’s foundry revenue run rate. Last year, reports surfaced that Apple and Intel had reached a preliminary agreement for the 18A node for iPad Pro and entry-level MacBook Air, and just a day before Trump’s post, Intel announced its next‑generation 18A‑P process had entered risk production. Neither company has officially confirmed details of the new arrangement.
In broader markets, S&P 500 futures rose 0.61% as investors weighed the prospect of Fed rate hikes later this year. Rumble surged 17% after closing its acquisition of Northern Data AG and launching new business units. Smith & Wesson gained 14% on strong earnings, while Accenture dropped 13.1%. Against this backdrop, Bitcoin dipped 0.58% to $63,878, reflecting muted crypto-specific movement amid the equity rally.
