Intel ‘s stock rose 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 8.8% higher, while Apple was up 0.6% in premarket trading.
CNBC has approached Intel, Apple, the White House and the Taipei Representative Office in the U.K. for comment.
For years, Intel largely sat out the AI race as it grappled with manufacturing delays and awaited a major customer for its chip fabrication business.
But CEO Lip-Bu Tan, who took the helm early last year, has revived Wall Street interest in the struggling chipmaker by drawing investments from Nvidia and the Trump administration.
“I decided to help Intel because we need to design and build our Chips right here in America,” Trump said Thursday on Truth Social.
“First, we helped bring in Nvidia, and they agreed to build their first level Chips with Intel,” he added. “Next, Elon agreed to build his TerraFab, the largest Chip Factory in the World, designed together with Intel’s Technology team.”
The Terafab project is the first major outside commitment for Intel’s capital-intensive foundry business, which had only manufactured chips for its own products.
While conflict in the Middle East has disrupted supply chains and seen oil prices skyrocket, the AI boom has so far insulated stocks, especially those tied to infrastructure around the technology.
Nasdaq’s PHLX Semiconductor Sector Index — comprising the 30 largest U.S.-traded chip companies — is up 90% so far this year.

The average price of U.S. gasoline fell below $4 a gallon on Thursday for the first time in months, after Iran and the United States signed a preliminary agreement to cease hostilities for 60 days and reopen the Strait of Hormuz.
The national average for a gallon of regular gasoline fell to a fraction of a penny below $4, down from $4.03 the day before, according to the AAA motor club.
Still, gas prices hovered just below $3 a gallon before the first U.S.-Israeli strikes on Iran in late February. They spiked to around $4.50 a gallon in May, as throttled energy supplies from the Middle East pushed up the price of crude oil, a crucial ingredient in gasoline.
Prime Minister Shehbaz Sharif of Pakistan, which helped mediate the deal, said in a post on X that the memorandum of understanding had been signed electronically by the U.S. and Iranian presidents. As a result, the agreement to begin reopening the strait and lifting the U.S. naval blockade would “enter into force with immediate effect,” he wrote.
Oil prices have fallen about 10 percent this week alone. Even so, gas prices remain about a third higher than before the start of the war.
“We’re getting close to the numbers we were before the war started,” President Trump said on Monday in France at the annual Group of 7 summit.
Other fuel prices are also beginning to ease. Diesel cost $5.13 a gallon on Thursday, down from more than $5.60 a gallon a month ago, offering relief to truckers, farmers and other big users of the fuel.
High gas prices have bled into Americans’ lives beyond the pump, including travel. For example, airfares were up nearly 27 percent in May, owing in part to surging jet fuel costs.
Economists caution that it takes time for lower oil prices to be reflected fully in the cost of gasoline. Regional differences remain significant, driven by variations in state taxes, distribution costs and refining capacity. Drivers in parts of the Great Plains and the South have been among the first to see prices drop below $4, with some areas approaching $3.50 per gallon. On the West Coast, however, prices remain well above $4 a gallon.
Aruni Soni contributed reporting.

Apple customers may soon pay more for their favorite devices as the company faces soaring costs for memory and storage chips.
The tech giant’s CEO, Tim Cook, told The Wall Street Journal that Apple has tried to absorb the increases but can no longer fully protect customers from higher prices. Cook did not say when prices would rise or which products would be affected.
“Unfortunately, price increases are unavoidable,” Cook told the outlet. “We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable.”
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Apple’s next major product launch is expected in September, when the company is likely to unveil its iPhone 18 lineup.
The remarks come as artificial intelligence (AI) companies buy up huge amounts of memory and storage chips, according to The Wall Street Journal.
Research firm TechInsights estimates Apple would need to add about $270 to the next iPhone Pro model to maintain its profit margins, the outlet reported.
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Cook said DRAM chips are a key concern because more of them are now being used for AI servers.
“There’s less supply at a time when consumers want devices and the memory guys are passing along huge price increases,” Cook told The Wall Street Journal. “We definitely need memory pricing and supply to return to reasonable levels for consumer products. That’s the bottom line.”
Ticker Security Last Change Change % AAPL APPLE INC. 295.95 -3.29 -1.10%
Apple may use its cash reserves to help expand chip supply, Cook said, but the company does not plan to build its own memory factories.
“This is a hundred-year flood,” said Cook. “I’ve never seen anything like it in any area in over 40 years.”
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Apple announced earlier this year that Cook will step down on Sept. 1 after 15 years as chief executive.
He will transition to executive chairman of the company’s board of directors and will be succeeded by longtime Apple veteran John Ternus, the company’s senior vice president of hardware engineering.
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Apple could not immediately be reached by FOX Business for comment.

SpaceX held the biggest initial public offering of all time, but Wall Street may be expecting something even bigger from Elon Musk, the rocket company’s chief executive.
Many of his fans and investors expect him to merge SpaceX with Tesla, the maker of electric cars, where he is also chief executive, joining most of his businesses into a roughly $4 trillion tech conglomerate, a sort of Elon Inc.
Investors, analysts and even a top SpaceX executive have talked about the merits of such a deal on social media, in research notes and in a TV interview. The two companies have long shared executives and other resources and are jointly developing multibillion-dollar projects.
Because Mr. Musk controls SpaceX and is Tesla’s largest shareholder, he would essentially be making a deal with himself. That would raise legal issues and probably prompt lawsuits claiming that he ran roughshod over the interests of other shareholders.
But no legal action is likely to stop Mr. Musk, legal experts say. Corporate law in Texas, where Tesla and SpaceX have their corporate domiciles, makes it very difficult for unhappy investors to challenge management decisions.
Tesla moved to Texas from Delaware last year after Mr. Musk expressed dismay about a Delaware court ruling — later overturned — that challenged a 2018 pay package that helped pad the fortune of the world’s richest person. SpaceX moved to the Lone Star State, also from Delaware, in 2024.
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It’s been called RAMageddon: AI’s insatiable demand for hardware has caused a worldwide shortage of memory chips. Now outgoing Apple CEO Tim Cook is warning its customers that your next Mac, iPhone, or iPad could be more expensive thanks to surging memory and storage chips costs.
In a recent interview, Cook told the WSJ that price increases are “unavoidable,” in spite of efforts to absorb chip costs that have increased fourfold since last year. He described the situation as “unsustainable.”
Cook didn’t name which products will be affected or when prices will rise, but he’s raised the alarm about the impacts of RAMageddon before. In April, after delivering record quarterly sales, he said that these higher costs could impact Apple’s next business results. Incoming CEO John Ternus also warned about the issue that same month.
If Apple raises prices, the iPhone seems almost certain to be impacted, memory supply experts told the Financial Times. The company is expected to launch its next iPhone in September, which gives it the opportunity to announce increased prices. Of course, Apple sells many other devices that contain memory (DRAM) and storage (NAND) chips, including the Apple Watch, Mac, iPad, and Apple Vision Pro.
It’s not clear how much more expensive any of these products will be, although research firm TechInsights gave the WSJ its estimate. It said Apple would need to add another $270 to the next iPhone Pro to keep its profit margin intact. The iPhone 17 Pro starts at $1,099.
So far AI has not been a particular boon to Apple. The company is already under pressure to figure out its AI strategy for its devices. It even paid a $250 million settlement earlier this year to end a false advertising lawsuit filed after it failed to deliver the AI features it promised two years ago.