Intel Stock Jumps 10% on Reports of Potential Apple Chip Deal
Intel shares soared over 10% Friday, closing at $40.56 – nearing a 52-week high - following reports that the company is gaining traction as a potential chip supplier for Apple.
According to a statement released Friday by TF International Securities analyst Ming-Chi Kuo,recent industry surveys suggest “visibility on Intel becoming an advanced-node supplier to Apple has recently improved considerably.” Kuo indicated Apple is considering utilizing Intel for its lower-end M series processors, currently powering devices like the MacBook Air and iPad Pro.
While Taiwan Semiconductor Manufacturing company is expected to remain the leading chip supplier for Apple in the foreseeable future, Kuo believes a partnership with Apple, alongside securing other “tier-one customers,” could substantially improve Intel’s long-term prospects.
Intel stock has experienced importent growth this year, climbing 102.3% as January when shares traded around $20.22.
This is a developing story. Check back for updates.
