Intel’s (INTC) stock rose 14% on May 5 and hit a new all-time high on media reports that the chipmaker is in talks with Apple (AAPL) about producing the main processors for its devices.
Apple has long relied on Taiwan Semiconductor Manufacturing Co. (TSM) to produce its microchips and processors. The media reports say the iPhone maker may now switch to Intel.
However, no deal has been announced by either Intel or Apple.
The latest surge in Intel’s stock comes after the company had its best month in its 55 years as a publicly traded company.
INTC stock rose 114% in April of this year, pushing its market capitalization to $550 billion U.S. The shares currently trade at $109.35 U.S. each.
The rally has been driven by news that Intel is expanding its partnership with Google parent company Alphabet (GOOGL).
Intel also announced last month that it would repurchase the 49% stake it did not own in its Fab 34 microchip facility in Ireland for $14.2 billion U.S.
Over the past 12 months, INTC stock has gained 440%.
