Intel stock rises after Trump touts U.S.-built chip deal with Apple
Intel‘s stock rose around 9% in premarket trading on Thursday, after President Donald Trump said the semiconductor company had agreed to a deal with Apple to design and build chips in the U.S.
“Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories,” Trump said in a post on Truth Social. “Apple has agreed to work with Intel to design and build its Chips in America.”
Intel’s stock has seen significant gains recently after struggling for years, having relinquished its dominant market position. The stock has surged 464% in the past 12 months, with the company hitting a market cap of $608.7 billion.
Intel shares were last 8.7% higher, while Apple was up 0.6% in premarket trading.
CNBC has approached Intel and Apple for comment.
Intel shares year-to-date.
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