Intel stock (NASDAQ: INTC) surged to $43.34 on Tuesday, marking a fresh 52-week high.
The rally followed supply-chain analyst Ming-Chi Kuo’s revelation that Apple is actively preparing to qualify Intel’s cutting-edge 18A-P process node for its lowest-end M-series chips, with potential production starting in mid-2027.
The stock jump, over 80% in the past 12 months, reflects investor optimism that Intel’s turnaround story under Lip-Bu Tan may finally be gaining traction.
For Intel, landing Apple as a foundry customer would represent far more than one revenue line: it’s the validation the chipmaker has desperately needed to prove its advanced manufacturing can compete with Taiwan’s dominant TSMC.
The deal hinges on Intel delivering flawlessly between now and mid-2026, but if it closes, 2027 could mark the beginning of Intel’s long-awaited comeback.
Intel stock surge and what’s driving it
Tuesday’s rally reflects more than speculation. According to Kuo’s detailed breakdown, Apple has already signed a non-disclosure agreement with Intel and is using the 18A-P process design kit (PDK) version 0.9.1 for internal simulation work.
The company expects Intel to deliver full PDK releases 1.0 and 1.1 by Q1 2026, positioning an Apple deal for production silicon as early as Q2–Q3 2027.
The volumes are significant: 15–20 million low-end M-series chips annually, primarily for MacBook Air and iPad Pro models.
Analyst sentiment has shifted dramatically. Truist Securities raised its Intel price target from $21 to $39 in October, while Tigress Financial Partners set a $52 target, citing AI innovation and strategic partnerships.
Trading volumes surged to 102.6 million shares on December 2nd, well above the 79-million daily average, signaling institutional conviction around the Apple narrative.
For investors, Intel suddenly looks less like a legacy semiconductor player and more like a potential comeback contender in foundry services.
Could Apple be the wildcard catalyst Intel needs?
An Apple deal would be nothing short of transformational. The company left Intel entirely in late 2023 when it shifted to Apple Silicon based on TSMC’s advanced nodes.
Landing Apple as a foundry customer validates Intel’s 18A-P as production-ready and signals that the company can handle flagship design partnerships.
For Apple, the calculus is equally compelling: supply-chain redundancy after pandemic-era disruptions, geopolitical hedging against Taiwan concentration, and alignment with Trump administration calls for domestic semiconductor manufacturing.
Kuo’s analysis suggests Apple’s internal simulations are tracking “close enough to expectations,” a remarkable endorsement for Intel’s process maturity.
The 18A-P node features RibbonFET transistors and PowerVia backside power delivery, technologies offering performance-per-watt gains that Apple’s chip teams have been hungry for.
Initial volumes on lowest-end M-class chips pose minimal risk to TSMC’s flagship iPhone and high-end Mac business, yet provide Intel with volume and validation.
The risks remain real. Intel has a history of process delays, as 2024 and 2025 saw multiple 18A timeline slips.
If Intel misses the PDK 1.0 delivery window or yields disappoint, Apple could return to TSMC, leaving Intel’s comeback hopes in shambles.
Yet market reaction suggests investors believe this time is different. Intel’s rally to a 52-week high signals that one blockbuster customer, Apple, could reshape the entire semiconductor landscape and hand Intel the credibility it desperately needs.
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