Apple and Intel Strike Preliminary Chip Deal, Sending Intel Shares Surging 13%

Apple and Intel strike a preliminary chip-making deal brokered with U.S. government involvement, sending Intel shares surging 13% and reuniting the two tech giants after Apple previously ditched Intel processors in favor of its own silicon.

• Apple and Intel have reached a preliminary chip-making deal, according to a Wall Street Journal report, sending Intel shares surging over 13% and Apple shares up approximately 1.7%.
• The U.S. government, which became Intel's largest shareholder last year, plays a major role in brokering the deal, with Commerce Secretary Howard Lutnick meeting repeatedly with Apple CEO Tim Cook to encourage collaboration with Intel.
• The deal reunites the two companies after Apple previously abandoned Intel processors for its Mac computers, and could help Apple diversify its manufacturing base away from heavy reliance on TSMC amid tight chip supply constraints.