President Donald Trump announced that Apple agreed to a deal with Intel to design and manufacture chips in the United States. The move aims to bolster domestic semiconductor production.
Intel shares surged over 9% in premarket trading following the announcement. The partnership serves as a major validation for Intel’s foundry business.
Apple intends to diversify its supply chain and reduce its dependence on Taiwan-based TSMC. Neither Apple nor Intel have officially confirmed the deal, which follows reports of a preliminary agreement.