Intel Leads 6% Chip Stock Surge on Apple-Backed US Semiconductor Plan
Updated
Updated · Bloomberg · Jun 19
Intel Leads 6% Chip Stock Surge on Apple-Backed US Semiconductor Plan
3 articles · Updated · Bloomberg · Jun 19
Summary
A chip-stock gauge jumped more than 6% to a record high, with Intel leading after President Donald Trump said Intel and Apple would design and manufacture semiconductors in the US.
Intel drove the rally because the announcement pointed to new domestic chip production capacity and stronger policy support for US semiconductor manufacturing.
The tech boost helped extend broader risk appetite: the S&P 500 rose 1.1%, the Nasdaq 100 gained 2.5%, and Asia's MSCI Asia Pacific Index added 0.3% for a sixth straight advance.
Oil-linked inflation worries also eased as optimism over a reopening of the Strait of Hormuz supported sentiment, though US equity futures edged lower in later trading.