Could Intel’s Next Big Investment Come From Apple?

• Intel is seeking an investment from Apple after recently securing a $5 billion commitment from Nvidia, Bloomberg reported Wednesday.

• Apple was once a big customer for Intel, though the iPhone maker has migrated away in favor of using its own processors in its devices in recent years.

Intel has reportedly set its sights on a deal with Apple, a move that could further boost the struggling chipmaker.

Shares of Intel (INTC) surged over 6% Wednesday following a Bloomberg report that it’s solicited support from the iPhone maker. Neither company responded to Investopedia’s request for comment in time for publication. Shares of Apple fell less than 1%.

Wall Street analysts broadly believe Intel likely needs more funds and foundry commitments from customers to succeed with its turnaround plan. Investments from Nvidia and the U.S. government have helped that process along, and one from Apple would mark another step. The stock has clambered higher this year, but it’s well off past highs, a reminder that there’s plenty of work yet to do.

With Wednesday’s gains, Intel’s stock has added a quarter of its value in the week since Intel announced a $5 billion investment from and chip-development partnership with AI chip leader Nvidia (NVDA). The raft of events have excited investors, with the Nvidia news seen as a vote of confidence from the world’s most valuable company.

Still, the stock remains well off its highs, with most Wall Street analysts tracked by Visible Alpha sticking by “hold” ratings while waiting for evidence of more business for Intel’s foundry, which makes chips for other firms and which is central to maintaining support from the U.S. government—itself now a major shareholder.

A deal with Apple could help Intel’s case, particularly if it came with foundry commitments. Nvidia’s did not, raising speculation about whether a foundry deal could come later or whether the lack of one underscored Intel’s challenges in convincing customers.

“If Intel can prove they can deliver they will have customers lined up around the block,” Bernstein analysts wrote last week. “If they can’t, no customer in their right mind will put any meaningful volume there.”

New partners might also see a deal with Intel as a way to gain political goodwill, Bernstein said. That may hold some appeal to former Intel customer Apple, which has shown some signs of inroads with the Trump administration, last month winning pledges of tariff exemptions based on its recent investments in U.S. manufacturing.

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