Intel stock jumps on Apple chip deal and earnings

Intel stock hit record highs after a chip manufacturing deal with Apple and strong Q1 earnings, aided by U.S. government support. The partnership is a major win for Intel amid supply chain changes.

Intel stock soared to record highs on Friday, jumping between 8% and 14% after news broke of a preliminary chip manufacturing agreement with Apple. This deal, reached after more than a year of negotiations, will have Intel producing certain chips for Apple devices, though the specific products involved have not been disclosed. The agreement comes as Apple looks to diversify its supply chain amid ongoing geopolitical risks and supply constraints, having previously relied primarily on TSMC. The U.S. government played a direct role in facilitating the deal, with high-level meetings between officials and Apple executives. Intel's strong Q1 2026 earnings report, showing revenue up 7% to $13.6 billion and adjusted EPS of $0.29 versus $0.01 expected, further fueled investor optimism. Management highlighted AI initiatives and regulatory approval for expansion as key growth drivers. While the partnership is a significant win for Intel against rivals Nvidia and AMD, risks remain if AI or CPU demand weakens.