Intel Stock Soars 10.6% on Apple Foundry Deal, Names Seok-Hee Lee EVP
INTC•Intel shares jumped 10.6% after President Trump revealed Apple will use Intel’s foundry services, sparking a rally that lifted the Nasdaq 100 by 2.5%. The company named Seok-Hee Lee EVP to lead advanced packaging and landed Tesla as its first customer for the 14A process in 2029.
1. Apple Partnership Sparks Rally
Intel shares surged 10.6% after the announcement that Apple will leverage Intel’s U.S. foundry services to design and produce its next-generation semiconductors, a development that propelled the Nasdaq 100 up by 2.5% over the week.
2. Seok-Hee Lee Named EVP
The company appointed semiconductor veteran Seok-Hee Lee as executive vice president of its contract chip-manufacturing division, tasking him with overseeing advanced packaging, system integration, back-end technology development and back-end manufacturing operations.
3. Tesla Secured as First 14A Customer
Intel secured Tesla as the inaugural customer for its upcoming 14A manufacturing node, which is slated to enter mass production in 2029, marking a significant milestone in the ramp-up of its foundry services.
