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Intel Reaches Preliminary Chip-Supply Agreement With Apple
The Wall Street Journal reported that Intel reached a preliminary deal with Apple to make chips for some of its devices. Stocks rallied to another new record high on Friday with the S&P 500 gaining more than 2% for the week. Intel was one of the biggest gainers while semiconductor stocks tied to memory chips posted big gains.
May 8, 2:47 PM·1m read1 source
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Intel reached a preliminary deal with Apple to make chips for some of its devices, The Wall Street Journal reported. The agreement would diversify Apple's supply chain and help alleviate future advanced-node constraints as production of AI data center chips grows at major semiconductor fabs. Intel was one of the biggest gainers in the stock market on Friday.
Stocks rallied to another new record high on Friday, capping a week in which the S&P 500 gained more than 2%. 2%. Semiconductor stocks tied to memory chips posted big gains on Friday.
On Apple's earnings call last week, outgoing CEO Tim Cook explained that its primary supply constraint right now was the availability of the advanced nodes on which its SOCs are produced. Separately, Bloomberg reported that Broadcom held talks with private credit lenders including Apollo Global Management and Blackstone over a roughly $35 billion financing deal.
The $35 billion financing would help Broadcom fund the development of its AI chips. Broadcom has a strong financial profile including being a free cash flow machine with low leverage. It's unclear why Broadcom would need to talk to private credit.
Palo Alto Networks made a new high for 2026. CrowdStrike made a new high for 2026. Palo Alto Networks and CrowdStrike are both still off their best levels over the past 12 months. The best-of-breed cybersecurity stocks continue to break free from the AI-replacing-enterprise-software thesis.
Next week is a slower earnings week with only 9 S&P 500 companies scheduled to report. Qnity Electronics reports before the opening bell on Tuesday.
