Intel soars 14% on report of Apple chip talks, hits new all-time high
Intel shares climbed 13% Tuesday, hitting a new all-time high as the chipmaker continued its historic run from April.
The jump comes on a Bloomberg report that Apple is in talks with both Intel and Samsung to produce the main processors for its devices in the U.S. The iPhone maker has had a longtime reliance on chips from Taiwan Semiconductor Manufacturing Co .
Intel and Samsung declined to comment on the report. Apple did not respond to a request for comment.
The surge follows Intel's best month in its 55 years on the Nasdaq. The stock jumped 114% in April and pushed the company's market cap past $470 billion.
Several major partnerships helped fuel the rally. The U.S. semiconductor company announced an expansion of its partnership with Google , as well as plans to join Elon Musk's Terafab project in April.
Intel also announced last month that it would repurchase the 49% stake it did not own in its Fab 34 chip facility in Ireland for $14.2 billion.
The rise of artificial intelligence has spurred a renewed demand for Intel's central processing units. On the company's first-quarter earnings call, CEO Lip-Bu Tan called CPUs an "indispensable foundation of the AI era."
The surge marks a sharp turnaround for the chipmaker, which was struggling to keep up with the AI race amid major manufacturing delays. The company is now up over 330% since the U.S. government took a 10% stake in the company last August, investing $8.9 billion.
Nvidia also helped fuel the stock's reversal after announcing a $5 billion investment in September.
President Donald Trump praised the stock's climb last week.
"Intel Stock continues to rise. I'm very proud of that Company in that I am responsible for making the United States of America over 30 Billion Dollars in the last 90 days on that stock alone," Trump wrote in a Truth Social post.
"Congratulations to Intel on doing such a great job and, more importantly, congratulations to the People of the United States for making such a good investment!"
— CNBC's Sawdah Bhaimiya contributed to this report.
