Intel shares climbed 14% on Tuesday, reaching a new all-time high and continuing the chipmaker’s impressive run from April. This jump follows 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. Apple has long relied on chips from Taiwan Semiconductor Manufacturing Co. (TSMC).
Intel and Samsung chose not to comment on the report, and Apple did not respond to a request for comment. This surge follows Intel’s best month in its 55 years on the Nasdaq. The stock soared 114% in April, pushing the company’s market capitalization past $470 billion.
Several major partnerships helped fuel this rally. In April, the U.S. semiconductor company announced an expanded partnership with Google and revealed plans to join Elon Musk’s Terafab project. Intel also announced last month that it would buy back the 49% stake it didn’t own in its Fab 34 chip facility in Ireland for $14.2 billion.
The rise of artificial intelligence has sparked a renewed demand for Intel’s central processing units (CPUs). During the company’s first-quarter earnings call, CEO Lip-Bu Tan called CPUs an “indispensable foundation of the AI era.”
This surge marks a sharp turnaround for Intel. The chipmaker had been struggling to keep up with the AI race and faced significant manufacturing delays. The company’s stock 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 contributed to the stock’s reversal by announcing a $5 billion investment in September.
Former President Donald Trump praised Intel’s stock 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!”
