Intel Jumps 9% on Apple U.S. Chip Partnership After Government Took 10% Stake
Updated
Updated · CNBC · Jun 18
Intel Jumps 9% on Apple U.S. Chip Partnership After Government Took 10% Stake
3 articles · Updated · CNBC · Jun 18
Summary
Intel shares rose 9% in premarket trading after Trump said the company had struck a partnership with Apple to design and build chips in the United States.
The announcement follows the U.S. government's move last August to take a 10% stake in Intel, tying the deal to Washington's push to expand domestic chip manufacturing.
Apple's tie-up with Intel also advances a broader supply-chain strategy to secure chip capacity in the U.S. and reduce reliance on overseas production.
For Intel, the Apple deal adds momentum to a rebound that has lifted the embattled chipmaker in recent months after a multiyear slump.