Intel Corp.’s stock surged Thursday after US President Donald Trump said the chipmaker will work alongside Apple Inc. to design and produce semiconductors domestically.
Trump didn’t elaborate on that tie-up, which he mentioned after championing Nvidia Corp. and Elon Musk’s Terafab chipmaking ambitions in a Truth Social post. The iPhone maker has held exploratory discussions about using Intel and Samsung Electronics Co. to produce the main processors for its devices in the US.
“I decided to help Intel because we need to design and build our Chips right here in America,” Trump posted. “Apple has agreed to work with Intel to design and build its Chips in America.”
Shares of Intel jumped as much as 12% to a record of $135.13 after trading got underway in New York. Apple’s stock rose as much as 1.5%.
For Intel, finding external customers for chip production is a key piece of a comeback plan under Chief Executive Officer Lip-Bu Tan. The company remains in the early stages of trying to line up clients for its so-called foundry business after past false starts. Landing Apple as a customer would represent a massive win for Tan and potentially help attract additional new business.
Intel declined to comment. Apple didn’t immediately respond to a request for comment.
Intel struck an unconventional deal with Trump last year that turned the US government into Intel’s biggest investor. Under that agreement, Intel sold a stake worth nearly 10% in exchange for state support.
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