What happened: Intel (INTC) stock jumped about 15% Friday, putting it on track for its best day since April 24, after the Wall Street Journal reported that Apple (AAPL) and Intel reached a preliminary chip-making agreement.
What’s behind the move: The report says Intel would manufacture some chips for Apple devices, though it is still unclear which products. That gives investors a fresh reason to bet on Intel’s foundry turnaround.
By the numbers: Intel hit its fourth straight intraday record high Friday. The move also came in a huge session for chip stocks, with Intel, Micron (MU), and Nvidia (NVDA) each nearing $100 billion in market-value gains on the day.
Broadcom (AVGO) and AMD (AMD) are also rallying, putting the top chip gainers on track to add well over $400 billion in market value Friday.
What else you need to know: The Apple report lands after Intel’s stock already broke above its old 2000 peak, turning a long-running recovery story into a record-high rally. The stock is coming off a 100% gain in April, which was its best ever gain in a month. In May it’s already over 30%.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
Click here for in-depth analysis of the latest stock market news and events moving stock prices
Read the latest financial and business news from Yahoo Finance
