Key Highlights

  • President Trump confirmed Apple has agreed to work with Intel to design and manufacture chips in the United States, a deal first reported in preliminary form by the Wall Street Journal in May.
  • Intel's 18A-P manufacturing node entered risk production, a milestone that positions the company to fulfil advanced chip contracts and validates the foundry turnaround strategy.
  • INTC is trading at $131.45 in pre-market June 18, up 8.55% from the June 17 close of $121.10, with the stock up approximately threefold year-to-date from a 52-week low of $18.97.

Intel Corporation (NASDAQ: INTC) is trading at $131.45 in pre-market June 18, 2026, up 8.55% from the June 17 close of $121.10. Intel is a Santa Clara, California-based global semiconductor leader, founded in 1968, with a market capitalisation of $608.65 billion, led by CEO Lip-Bu Tan since March 2025.

The pre-market catalyst is President Trump's Truth Social post confirming that Apple has agreed to work with Intel to design and build chips domestically. The announcement builds on the Wall Street Journal's May preliminary deal report and gives Intel a high-profile demand anchor at a critical moment for its foundry strategy, directly validating its capability to win leading-edge customers against TSMC.

Neither Apple nor Intel had confirmed the partnership at the time of writing, with both companies not immediately responding to requests for comment

18A-P Node and Government Backing

The Apple confirmation compounds the momentum from Intel's June 16 announcement that its 18A manufacturing technology has entered initial production. Risk production marks the stage of limited real-world manufacturing before full commercial ramp, signalling the foundry can credibly offer advanced manufacturing to external customers. Trump highlighted Intel's market cap surging from approximately $100 billion to over $600 billion since the government investment, with $10 billion committed to US factory expansion. CNBC's Jim Cramer cited AI-driven CPU demand tailwinds in calling Intel his current favourite stock.

Valuation and Risk Considerations

INTC reports a trailing EPS of -$0.60 and trades without a conventional P/E ratio, reflecting the heavy capital investment phase of the foundry build-out. The 52-week range of $18.97 to $132.75 shows the extraordinary recovery. Key risks include foundry execution timelines, TSMC's competitive lead in advanced nodes, and the dependency on government support for the capital-intensive expansion plan.

Conclusion

Intel's pre-market surge reflects a convergence of presidential confirmation of the Apple deal, 18A-P risk production entry, and sustained government-backed foundry momentum. The Apple partnership is the most commercially significant validation of the Intel Foundry thesis to date.