Intel Shares Rally on Reported Apple Chip Deal as Nasdaq Jumps 1.7%
Intel shares rallied on reports of a chip supply deal with Apple, supporting a wider 1.7% surge in the Nasdaq Composite on May 8. Memory sector strength was highlighted by Micron’s 16% gain alongside Intel’s rally following Labor Department data showing 115,000 nonfarm payroll additions.
1. Market Rally Driven by Jobs Report
Robust Labor Department data showing 115,000 nonfarm payroll additions propelled US equities higher on May 8, with the Nasdaq Composite climbing 1.7%, the S&P 500 up 0.76% and the Dow Jones Industrial Average edging 0.02% higher. The strong jobs report reinforced optimism in technology and AI sectors.
2. Intel Gains on Apple Chip Supply Deal Rumors
Intel shares jumped after reports it secured a chip supply agreement with Apple, underpinning the memory segment’s rally alongside Micron’s 16% surge. The anticipated collaboration underscores Intel’s push into high-end consumer markets and may bolster its revenue outlook if finalized.