Intel Shares Surge 14% on Apple Chip Deal

Intel has reportedly signed a preliminary deal with Apple to produce chips for some of its devices, with the Wall Street Journal citing sources that the contract was signed in recent months after over a year of negotiations. Intel shares closed 13.9% higher on the news. Apple is expected to use Intel's advanced 18A-P manufacturing node, an enhanced version of its latest chip technology offering 9% higher performance than the standard version. Analyst Ming-chi Kuo previously suggested Intel would supply processors for the iPad Pro and entry-level MacBook Air, with mass production expected to begin next year.