Intel (INTC) Hits New Record on Apple Deal Hype

INTC -0.17% AAPL +0.03% TSM +0.80%

We recently published 10 Stocks Stealing the Spotlight Early as Christmas Looms. Intel Corporation (NASDAQ:INTC) is one of the top performers on Tuesday.

Intel Corp. rallied to a new record high on Tuesday, as investors continued to load up portfolios amid brewing reports that it would supply chips to technology giant Apple Inc.

At intra-day trading, the stock climbed to its highest price of $43.68 before trimming gains to finish the day just up by 8.65 percent at $43.47 apiece.

Last week, TF International Securities analyst Ming-Chi Kuo said that he was optimistic that Apple Inc. would tap Intel Corp. (NASDAQ:INTC) to supply its lowest-end M-series chips in the next two years.

Pixabay/Public Domain

The two firms previously worked on chips used on MacBook laptops and desktops before Apple Inc. switched to its own design, manufactured by Taiwan Semiconductor Manufacturing Company.

Kuo said that the latest industry surveys indicate that “visibility on Intel Corporation (NASDAQ:INTC) becoming an advanced-node supplier to Apple has recently improved significantly.”

Intel Corp. (NASDAQ:INTC) has been luring Apple Inc. to invest in the company since September this year, as part of its turnaround and revival efforts.

Apart from the iPhone maker, the US semiconductor firm in the same month also secured a $5 billion investment from chip giant Nvidia Corp.

The partnership would also cover the joint development of AI infrastructures and personal computing products that accelerate applications and workloads across hyperscale, enterprise, and consumer markets.

It also secured the backing of the US government following the latter’s acquisition of a 10 percent stake in the company.

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Disclosure: None. This article is originally published at Insider Monkey.