Trump Announces Apple Chip Partnership, Intel Shares Jump 7% Premarket
INTC has more than doubled off its 52-week low of $18.965.
Summary
President Trump announced a partnership where Intel will design and build chips for Apple devices in the U.S., sending Intel shares up over 7% premarket. This confirms earlier reports from May about a preliminary agreement between the two tech giants. The deal is a significant boost for Intel's foundry business, securing a major client and validating its strategic investments in domestic chip manufacturing, especially following the Trump administration's 10% equity stake in the company.
At the time of this announcement, INTC was trading at $132.26 on NASDAQ in the Technology sector, with a market capitalization of approximately $608.6B. The 52-week trading range was $18.97 to $132.75. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.