Intel spikes 15% to a record high on a report that it's in talks with Apple for a chipmaking partnership
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- Intel stock rose by double digits to a fresh record high on Tuesday.
- The move came after a report of talks with Apple for a chipmaking partnership.
- Intel eclipsed its dot-com era peak last week after strong earnings.
The move: Intel stock surged on Tuesday, up as much as 15% to $110.48.
The gains took the stock to a fresh all-time high, crushing its latest record following the US chipmaker's blockbuster sales forecast during its quarterly earnings report last week.
Last week's big rally pushed the stock above its dot-com era highs.
The chart:
Why: Intel stock popped after reports that the company is in talks with Apple to make chips for its devices.
Apple held early discussions about using Intel and Samsung about making the main processors for US devices, according to Bloomberg.
If the talks come to fruition, it would offer the iPhone maker an alternative chip option from its long standing partnership with Taiwan Semiconductor Manufacturing Company.
Why it matters: The reported talks with Apple are the latest good news to drive gains for Intel stock.
A deal between Apple and Intel would mark a major win for the American chipmaker in the AI era.
Intel took off after the Trump administration took a nearly 10% stake in the company, and investment that has paid off for the government.
An agreement would offer Apple an alternative to Taiwan-based TSMC, insulating the company from any supply issues stemming from US-China geopolitics.
It would also bolster the US position in the global chip market, a priority of the White House.