#intc

Apple and Intel ($INTC) have reached a preliminary agreement for Intel's foundry (IFS) to manufacture chips for Apple devices, the Wall Street Journal reported on May 8. Intel shares jumped 17%, capping a week of double-digit gains alongside Micron and AMD as Wall Street narratively shifts AI spend from Nvidia toward CPU and memory names. The deal marks IFS's most significant external win since the foundry unit launched in 2021.

Intel $INTC rose about 20% after reporting adjusted EPS of $0.29 on $13.58B of Q1 revenue, versus LSEG expectations of $0.01 and $12.42B. Data-center revenue rose 22% and second-quarter guidance also topped the Street.