Intel stocks significantly surged nearly 9% in premarket trading on Thursday after US President Donald Trump announced that Apple had agreed to collaborate with the chip manufacturer to design and make semiconductors across the US.
Taking to Truth Social, Trump stated the Cupertino-based tech giant would work with Intel to build its chips domestically, calling the move as part of wider efforts to strengthen America’s semiconductor sector.
He wrote, “Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories. Apple has agreed to work with Intel to design and build its Chips in America.”
He further criticized previous administrations to enable chip manufacturing to shift overseas, especially to Taiwan.
The announcement further boosted investor confidence in Intel, whose share has staged a dramatic turnaround over the past year.
Stocks have significantly increased over 460% during the period, lifting the company’s market value to nearly $609 billion.
Apple shares also saw a spike in premarket trading.
Intel has recently struggled after losing its spot from the first position in the semiconductor industry and falling behind competitors in the artificial intelligence race.
However, CEO Lip-Bu Tan has assisted revive interest in the company through investments, strategic collaborations and support from the Trump administration.
Moreover, Trump emphasised previous deals involving Nvidia and the tech trillionaire Elon Musk.
As per the president, Nvidia has committed to manufacturing the cutting-edge chips with Intel, while Musk’s proposed TerraFab project would become the world’s largest chip factory and represent a major milestone for Intel’s foundry business.
The semiconductor industry continues to benefit from the powerful AI-driven demand, with the Nasdaq’s PHLX Semiconductor Index posting substantial gains this year.
