Apple to work with Intel on US chip design and production, Trump says - Fox Business

President Donald Trump said Thursday that Apple has agreed to work with Intel on designing and producing chips in the U.S. "When I won my Second Term, it was clear America needed its Semiconductor Industry to come back to the U.S.A. We design everything, but we need to BUILD it here, NOW! So I decided to help Intel because we need to design and build our Chips right here in America," Trump wrote on Truth Social. The partnership could help Apple diversify its manufacturing base as it looks for additional chip capacity. The tech giant relies heavily ​on the Taiwan Semiconductor Manufacturing Company, which has advanced production ​lines in ⁠high demand from AI chipmakers such as Nvidia and Advanced Micro Devices. APPLE CEO SAYS PRICE HIKES ARE 'UNAVOIDABLE' AS RISING CHIP COSTS SQUEEZE TECH GIANT: REPORT Intel shares rose in premarket trading following the announcement from the president. "The Technology the World relies on was invented in America. We all remember 'Intel Inside.' Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories," Trump said. Intel reportedly reached a preliminary agreement to make some chips for Apple after more than a year of talks. Apple and Intel have not publicly detailed which chips or products would be involved. HOW YOU CAN GET A SLICE OF APPLE'S $250M IPHONE SETTLEMENT An Apple contract would give Intel steady demand from a top consumer electronics company after its reputation and manufacturing business fell behind TSMC in recent years. Earlier this week, Intel announced that a new generation of its manufacturing technology, 18A-P, had entered initial production, as the chipmaker works to meet demand for advanced processors. GET FOX BUSINESS ON THE GO BY CLICKING HERE The Trump administration took a roughly 10% stake in Intel last year and announced plans to invest billions of dollars in the chipmaker to build or expand factories in the U.S. Trump previously said he "should have asked for more" of a stake in Intel after the value of the federal government's Intel position rose sharply. "When was the last time a President made America money??" Trump wrote on Thursday. The administration has been boosting efforts to secure U.S. supply chains for critical minerals and semiconductors, including by taking equity stakes in companies as part of an effort to cut reliance on China. Reuters contributed to this report.