Intel shares hit an all-time high today after a Bloomberg report which stated that Apple is exploring Intel and Samsung Electronics as potential manufacturing partners for future device chips. Here are the details.
Intel reaches record valuation
Last night, Bloomberg reported that Apple had been exploring early talks with Intel and evaluating Samsung Electronics facilities in an effort to diversify production of its core device chips beyond TSMC.
The report noted that while Apple had concerns about reliability and “may not ultimately move forward with another partner,” that was enough to send Intel shares tumbling.
Intel shares rose as high as $110.48 during trading today, setting a record high, before closing at $108.18 for a record market capitalization of $543.71 billion.
Today’s earnings extended what has been a remarkable comeback for Intel. After falling as low as $18.96 over the past year, shares are now up 174% in 2026 and 433% year over year, with after-hours trading adding another 4.76%.
Much of this progress came after the United States government announced an agreement to acquire a stake of approximately 10% in the company on August 22, 2025.
In addition to his deal with Trump, Tan has overseen a major reversal in Intel’s business momentum since replacing interim co-CEOs David Zinsner and Michelle Johnston Holthaus, who had been leading the company following the departure of former CEO Pat Gelsinger in December 2024.
In the interimThe company returned to revenue growth, beat Wall Street expectations and has benefited from renewed demand for its core CPU business, particularly as spending on AI infrastructure began to expand beyond GPUs.
When it comes to his relationship with Apple, rekindling a partnership would be another feather in Tan’s cap, as Apple abandoned Intel after roadmap delays and missed deadlines affected the Mac business.
Last July, Reuters reported that Tan was already exploring a change in Intel’s foundry strategy aimed at making the company more competitive for major third-party customers like Apple and Nvidia, including focusing more resources on its next-generation 14A process rather than trying to win new customers with 18A.
A few months later, analysts Ming-Chi Kuo and Jeff Pu both suggested that Intel could start producing some Apple-designed chips later this decade, with Kuo targeting entry-level M-series chips for Macs and iPads as soon as 2027, and Pu saying non-Pro iPhone chips made by Intel could follow in 2028.
This, in turn, came later Bloomberg reported that Intel had approached Apple about making an investment in the company, while the two companies also discussed ways to work more closely as Intel attempted to maintain its comeback story. From the report:
Intel Corp. has approached Apple Inc. to secure an investment in the troubled chipmaker, according to people familiar with the matter, as part of efforts to boost a business now partially owned by the U.S. government.
Apple and Intel have also discussed how to work more closely, said the people, who asked not to be identified because the deliberations are private. The talks are at an early stage and may not lead to a deal, the people said.
All that said, while this week’s report didn’t go into technical detail about Apple’s exploratory talks with Intel, the market seems to have found the possibility compelling enough to factor it into Intel’s valuation, especially given everything else Tan has managed to accomplish during his first year on the job.
What is your opinion on the possibility of Apple and Intel working together again? Let us know in the comments.
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