Intel soars 14% on report of Apple chip talks, hits new all-time high

Intel shares climbed 14% Tuesday, hitting a new all-time high as the chipmaker continued its historic run from April.

The jump comes on a Bloomberg report that Apple is in talks with both Intel and Samsung to produce the main processors for its devices in the U.S. The iPhone maker has had a long-time reliance on chips from Taiwan Semiconductor Manufacturing Co.

Intel and Samsung declined to comment on the report. Apple did not respond to a request for comment.

The surge follows Intel’s best month in its 55 years on the Nasdaq. The stock jumped 114% in April and pushed the market cap past $470 billion.

Several major partnerships helped fuel the rally. The U.S. semiconductor firm announced an expansion of its partnership with Google, as well as plans to join Elon Musk’s Terafab project in April.

Intel also announced it would repurchase its Fab 34 chip facility in Ireland last month for $14.2 billion.

The rise of artificial intelligence has spurred a renewed demand for Intel’s central processing units. On the company’s first-quarter earnings call, CEO Lip-Bu Tan called CPUs an “indispensable foundation of the AI era.”

The surge marks a sharp turnaround for the chipmaker, which was struggling to keep up with the AI race amid major manufacturing delays. The company is now up over 330% since the U.S. government took a 10% stake in the company last August, investing $8.9 billion.

Nvidia also helped fuel the stock’s reversal after announcing a $5 billion investment in September.

President Donald Trump praised the stock’s climb last week.

“Intel Stock continues to rise. I’m very proud of that Company in that I am responsible for making the United States of America over 30 Billion Dollars in the last 90 days on that stock alone,” Trump wrote in a Truth Social post.

“Congratulations to Intel on doing such a great job and, more importantly, congratulations to the People of the United States for making such a good investment!”

Read the full Bloomberg story here.

CNBC’s Sawdah Bhaimiya contributed to this report.