President Trump stated that Apple has agreed to partner with Intel to produce chips domestically in the US, a headline that — if confirmed — would represent a meaningful policy win and a significant shift in Apple's semiconductor sourcing strategy currently dominated by TSMC. Intel, which reported essentially breakeven net income on $52.9B in revenue with declining margins and negative EPS of -$0.06, is in the middle of a costly foundry buildout and would badly need an anchor customer like Apple to validate its Intel Foundry Services ambitions.

The setup is asymmetric in important ways: Intel's stock is a direct beneficiary of any credible Apple design win, but Apple's margins (46.9% gross) could face pressure if it moves volume away from best-in-class TSMC nodes to Intel fabs that are still trailing on process technology. The key questions to watch are whether Apple officially confirms the arrangement, what process nodes are involved, and whether this is a political gesture or a contractual commitment — any of which could sharply move both stocks.