Intel (INTC) rallied to a new all-time high on Thursday after President Donald Trump said Apple (AAPL) has agreed to partner with it on designing and manufacturing its chips domestically.
As investors cheered this potential foundry deal with the iPhone maker, INTC’s relative strength index (RSI) climbed into the mid-60s, indicating intense buying pressure.
At the time of writing, Intel stock is up more than 260% versus the start of this year.
What We Know About the Potential Apple-Intel Deal
According to President Trump, following intense, year-long negotiations spearheaded by Howard Lutnick, the U.S. Commerce Secretary, Apple has agreed to re-shore a part of its chip supply chain.
The titan is already initiating test production using Intel’s highly advanced 18A-P node, with INTC set to manufacture the Apple-designed processors across its domestic facilities in Oregon, Arizona, and Ohio.
Note that the Trump administration invested nearly $9 billion in INTC stock last year to secure a 10% equity stake. That bet is paying off heavily as Intel’s market cap approaches $700 billion.
Despite its meteoric run in 2026, Barchart maintains a “100% BUY” opinion on Intel, indicating technical momentum continues to signal further upside ahead.
Why Apple Partnership Is Bullish for INTC Shares
The potential Apple partnership means ultimate commercial validation for Intel’s foundry segment, which has historically struggled with luring global tech titans away from TSMC (TSM).
Securing Apple, arguably the most prized TSMC customer, is a massive strategic victory that signals to the entire tech sector that INTC’s 18A-P architecture is ready for prime time.
By handling AAPL’s high-volume manufacturing needs for selecting MacBooks and iPads, the semiconductor firm guarantees massive capacity utilization at its heavily subsidized factories.
All in all, it’s bullish for Intel shares because it effectively de-risks the company’s aggressive capital expenditures while insulating Big Tech from escalating geopolitical supply chain vulnerabilities.
Wall Street Recommends Caution in Playing Intel Stock
Investors should note, however, that Wall Street seems to believe that much of the upside is already priced into INTC shares at current levels.
The consensus rating on Intel is “Hold," with the mean price target of $93 indicating potential downside of more than 25% from here.
Caution is warranted in chasing the momentum, also because neither Apple nor Intel has officially confirmed the partnership.
