Intel shares climbed about 10% on Thursday after President Donald Trump claimed on his Truth Social network that the chipmaker had agreed to design and build processors for Apple inside the United States.
The stock touched a record high of US$135.48 during the session before easing back, leaving Intel with a market value above $600 billion.
"Apple has agreed to work with Intel to design and build its Chips in America," Trump wrote in the post.
He also accused earlier U.S. administrations of allowing Taiwan to capture the world's most advanced semiconductor production.
Neither Intel nor Apple confirmed the arrangement or set out any terms, yet the claim follows months of speculation about a tie-up between the two companies.
The Wall Street Journal reported in May that Intel and Apple had reached a formal agreement, while an analyst note in December suggested Intel was well placed to manufacture Apple-designed chips for MacBooks and iPads from 2027.
Apple dropped Intel processors several years ago in favour of its own custom silicon, which it has built almost entirely through Taiwan's TSMC.
Shifting some of that work onshore would mark a meaningful change for a company long dependent on a single foreign supplier.
The Apple claim arrived alongside other commitments Trump attributed to Intel's struggling foundry arm.
He said Nvidia had agreed to produce some chips with Intel, and that Elon Musk's planned Terafab facility would be designed using Intel technology.
The Information has separately reported that Intel will build three million tensor processing units (TPUs) for Google.
Those orders, if confirmed, would hand Intel's contract manufacturing business the external customers it has lacked while competing with TSMC.
The rally extends a striking recovery for a company that spent years losing ground in chip design and production.
Intel stock has risen 464% over the past 12 months, a rebound underpinned by Washington's direct involvement.
The U.S. government took a stake of about 10% in Intel last August through an $8.9 billion investment aimed at rebuilding domestic chip capacity.
The company said this week that its 18A manufacturing process had entered early mass production.
The announcement also coincided with Apple chief executive Tim Cook telling the Wall Street Journal that further product price rises were now unavoidable, given the climbing cost of memory and storage chips during the AI boom.
