Shares of Intel Corp. rallied 14% reaching an all-time high on Tuesday, after the news broke of its exploratory talks with Apple about having the manufacture the main processors for the latter’s devices. Apple also held talks with Samsung Electronics for the same.
The company’s share price went up by $13.06, or 13.64%, to $108.84, reaching a new 52-week high of $110.48, while opening at 100.50. Intel also saw a 114% rise in its stock in April 30, with the company fielding orders for its flagship product, the CPU from IT giants such as Google, Microsoft and Amazon.
The company’s new CPU architecture,which consumes less power and runs with notably more cooling, has become a popular choice for companies building AI-powered infrastructure and gadgets. The company’s deals with Google for custom chip development and with Elon Musk’s Terafab data centre project also spurred the rise in its stock price.
(This is a developing story.)
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