SANTA CLARA (dpa-AFX) - Intel Corp. (INTC) saw a big jump in its shares on Thursday after President Donald Trump announced that the semiconductor giant had struck a deal with Apple Inc. (AAPL) to design and produce chips right here in the U.S.
Intel's stock shot up by 10.8%, increasing by $13.09 to reach $134.19, following Trump's post on Truth Social about the collaboration with Apple on domestic chip fabrication. Apple's shares also ticked up slightly in premarket trading.
Trump emphasized that this partnership aims to bring semiconductor manufacturing back to America, criticizing past administrations for allowing production to shift overseas.
He claimed that Intel has garnered support from other tech powerhouses, like Nvidia, and mentioned plans involving Elon Musk for a large-scale chip manufacturing initiative.
This news is fueling rising investor confidence in Intel, especially under CEO Lip-Bu Tan, who is focused on revitalizing the company's manufacturing sector and attracting outside clients.
Intel's foundry division, which has traditionally produced chips mainly for its own products, is now looking for major partnerships to grow its contract manufacturing business.
Over the past year, Intel's stock has surged an impressive 464%, boosting the company's market cap to around $608.7 billion. The broader semiconductor industry is also seeing positive momentum due to robust demand linked to AI infrastructure, with the Nasdaq PHLX Semiconductor Sector Index up about 90% since the beginning of the year.
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