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Intel has held talks with Apple about a possible investment, Bloomberg reported Thursday, the latest effort by the beleaguered chipmaker to reinforce its business in recent weeks with funding from Nvidia, SoftBank and partial ownership by the U.S. government.
Discussions between Intel and Apple are at an early stage and include talks about the two companies working together more often, though it’s not clear whether an agreement will be reached, Bloomberg reported, citing people familiar with the matter.
Apple and Intel partnered for years as Intel provided chips for Apple computers, though their cooperation was cut after Apple announced in 2020 the company would produce its own processing units, and Apple has since unveiled a second iteration of its chip, the M2, which is manufactured by Taiwan Semiconductor Manufacturing Company.
Intel shares rose by nearly 6% to just below $33 as of around 11:10 a.m. EDT, following an earlier premarket rally, while Apple’s stock ticked slightly higher (0.3%).
Neither Apple nor Intel immediately responded to requests for comment from Forbes.
Intel has reached out to other unspecified companies about potential investments and partnerships, according to Bloomberg.
Intel’s shares have rebounded in recent months after the Trump administration signaled support for the chipmaker. President Donald Trump earlier this year called Intel CEO Lip-Bu Tan “highly CONFLICTED” and urged Tan to resign, following his alleged ties to Chinese firms and a criminal case involving Cadence Design, where Tan previously served as CEO. Tan and Trump appeared to mend their relationship, however, after Tan visited the White House in August. Following the visit, SoftBank announced it would invest $2 billion in the company as part of both firms' “investing in advanced technology and semiconductor innovation” in the U.S., ranking SoftBank as Intel’s fifth-largest shareholder. Trump announced in late August that Intel agreed to give the U.S. a 10% stake in the company, making the federal government one of its largest shareholders behind BlackRock and Vanguard. Earlier this month, Nvidia said it would acquire $5 billion worth of Intel’s shares and announced the two companies would collaborate on developing custom data center and personal computer products.