Intel is up 240% in 2026 and hit a 4th consecutive record high on an Apple chip deal
Intel just hit its fourth consecutive intraday record high today, and the chipmaker that was widely dismissed as a declining force in semiconductors as recently as a year ago is now adding close to $100 billion in market value in a single session. The stock is up more than 240% in 2026 alone.
4 record highs in a row and what made today different
The move today was driven primarily by a Wall Street Journal report confirming that Apple and Intel have reached a preliminary agreement for Intel to manufacture chips for Apple devices. Discussions between the 2 companies have been ongoing for more than a year. The preliminary agreement represents the kind of commercial validation Intel’s foundry business has been pursuing since the strategy was formalized under current leadership.
Intel’s stock surged as much as 19% today before settling at a gain in the 12% to 15% range. The stock has already risen more than 30% in May alone, following an April in which it gained approximately 100%, the best single month in Intel’s 55-year history on the Nasdaq. Before this stretch began, the stock was still trading below levels reached during the dot-com era. Intel has now broken through that long-standing ceiling and pushed into record territory 4 trading sessions in a row.
The Apple deal and the government’s unexpected role
One detail in the reporting that stood out to investors was the role the US government’s stake in Intel played in bringing the Apple agreement together. The government invested $8.9 billion in Intel in August 2025 as part of a domestic semiconductor manufacturing initiative. That stake, already significant when it was made, has grown to an estimated value of approximately $55 billion following today’s rally.
According to the Wall Street Journal’s reporting, the government’s involvement in Intel was a meaningful factor in the discussions with Apple reaching a conclusion. Apple, which ships more than 200 million iPhones annually alongside millions of iPads and Mac computers, currently relies heavily on Taiwan Semiconductor Manufacturing Company for chip production. Any portion of that manufacturing shifting to Intel would represent a major win for Intel’s foundry business and a significant supply chain diversification for Apple.
What Intel’s Q1 earnings and Q2 guidance showed
The Apple deal landed on top of earnings results that had already begun shifting sentiment. First-quarter revenue reached $13.6 billion, up 7% year over year, with earnings per share of $0.29 against a Wall Street consensus of just $0.01. Data center and AI revenue rose 22% to $5.05 billion, beating expectations of $4.41 billion by a substantial margin.
For the second quarter, management projected revenue as high as $14.8 billion and earnings per share of $0.20, both well ahead of analyst forecasts. Progress on Intel’s 18A manufacturing process node, which is transitioning from development into commercial production, was identified as a signal that the foundry turnaround is gaining concrete momentum rather than remaining an aspiration.
Apple, Tesla and Alphabet: a growing roster of believers
Apple is the headline, but not the only major technology company reportedly engaged with Intel’s manufacturing capabilities. Separate reports indicate that Tesla has adopted Intel’s 14A manufacturing process for future chip development, and that Alphabet could adopt Intel’s advanced chip-packaging technology for processors tied to AI workloads. Each development, if confirmed through formal agreements, would add another layer of commercial credibility to what Intel is building.
What a $400 billion chip rally day looks like
Today was an extraordinary session for the semiconductor sector broadly. Intel, Micron and Nvidia each added close to $100 billion in individual market value during the trading day. Broadcom and AMD also advanced strongly. Across the top chip gainers, market value additions today tracked toward more than $400 billion combined.
The path toward $150 per share has become the next target analysts are watching. Whether the Apple deal advances from preliminary to formal, and whether the Tesla and Alphabet relationships formalize further, will largely determine how quickly Intel can continue closing the distance.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. The author and publication are not registered investment advisors and do not provide personalized investment recommendations.