Intel Shares Hit Record Highs Amid Apple Foundry Talks

Intel Corporation shares reached a record high of $120 on May 5, 2026, driven by reports that Intel is in preliminary discussions with Apple Inc. to provide foundry services for chip manufacturing in the United States. This potential partnership would support Apple's strategy to diversify its supply chain away from Taiwan Semiconductor Manufacturing Company (TSMC) to mitigate geopolitical risks and meet AI chip demand.

The stock surge follows a massive recovery since August 2025, coinciding with a $8.9 billion investment by the United States government for a 10% equity stake to secure domestic semiconductor capacity. Under CEO Lip-Bu Tan, the company has undergone a restructuring focused on cost-cutting and evolving its product roadmap beyond traditional PCs. This strategy included appointing Alex Katouzian to lead Client Computing and Physical AI and naming Pushkar Ranade as permanent chief technology officer.

Intel has expanded its ecosystem through a strategic partnership with Elon Musk's Terafab joint venture to build an AI chip mega-factory and enhanced its infrastructure agreement with Alphabet Inc. While first-quarter 2026 revenue grew 7% to $13.6 billion—with a 22% increase in data center revenue—the company continues to face financial volatility, reporting a net income loss of $4.28 billion in its latest quarterly report.