Apple and Intel have reached a preliminary agreement for Intel to produce some of the chips that power Apple’s devices. The Wall Street Journal reported this on Friday, citing people familiar with the situation.
Intense discussions between the two companies have been happening for over a year, and they finalized a formal deal in recent months, according to the report.
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Apple shares rose about 2% following the news, while Intel’s stock extended its gains and was last up about 14%. It is still unclear which Apple products Intel would make chips for, the report noted. Neither company immediately responded to requests for comment.
