Intel [NASDAQ: INTC] shares jumped sharply on Friday, putting the stock on course for its best single day of trading since late April, after reports emerged that Apple [NASDAQ: AAPL] and Intel have reached a preliminary agreement on chip manufacturing.

The Wall Street Journal reported that Intel would manufacture chips destined for use in Apple devices, though the specific products covered by the arrangement remain unclear. News of the deal gave investors a fresh and compelling reason to back Intel’s ongoing foundry turnaround strategy.

Intel shares climbed around 15% on the day, marking the company’s fourth consecutive intraday record high. The move came during an exceptionally strong broader session for semiconductor stocks, with Intel, Micron Technology [NASDAQ: MU] and Nvidia [NASDAQ: NVDA] each moving toward a combined market value gain approaching $100 billion on the day alone.

Broadcom [NASDAQ: AVGO] and AMD [NASDAQ: AMD] were also rallying strongly in the session. Taken together, the top chip names were on track to add well over $400 billion in combined market value in a single trading day, underlining the scale of the sector’s momentum.

The Apple deal report arrived at a significant moment for Intel. The chipmaker had already cleared a long-standing ceiling by breaking above its dot-com era peak from the year 2000, turning what had previously been a slow recovery story into a fresh record-high rally. Intel recorded a gain of around 100% in April alone, the best monthly performance in the company’s history. It has already added over 30% in May with the month barely underway.

The foundry arrangement carries considerable strategic weight for Intel, which has been working to rebuild its manufacturing business as a contract chipmaker for external clients. Securing Apple as a customer would represent a major vote of confidence in that ambition, given Apple’s scale and its demanding production standards.

Micron [NASDAQ: MU] and Nvidia [NASDAQ: NVDA] each contributed substantially to the day’s gains as the wider chip sector caught a strong tailwind from the Intel and Apple news. The broader semiconductor rally reflected renewed confidence in US chipmakers at a time when demand for advanced manufacturing capacity remains intense globally.

Intel’s market recovery has been one of the standout stories of 2026, with the stock now firmly in record territory after years of underperformance relative to rivals. The Apple report adds fundamental weight to what had previously been a momentum-driven move, giving analysts and investors a concrete commercial rationale to support the elevated valuation.