Intel shares jumped about 10% on Thursday after President Trump said Apple will make chips with the company. Neither Apple nor Intel have formally confirmed the deal, but the market didn't wait for paperwork. The rally pushed Intel past $132.70, a level that had blocked the stock twice before, and volume hit 233.91 million shares — well above the late-May push to the same area.
The Apple-Intel rumor
Trump's statement came without a signed contract or a joint press release. But for a stock that's already roughly tripled in 2026 on ties with Nvidia and Tesla and demand from Agentic AI, the hint was enough. The U.S. government owns about 10% of Intel from an August 2025 stake, giving the company a political tailwind that others in the chip space don't have. Still, Intel's foundry arm remains unprofitable, and the PC market faces headwinds. A formal confirmation could add fuel; a denial could pull the rug.
Technical breakout and volume
The $132.70 level had formed a double top pattern in recent months, blocking Intel twice. Thursday's surge blew past it with conviction. Volume of 233.91 million shares topped the previous attempt's volume, suggesting real buying pressure rather than a false breakout. The Chaikin Money Flow (CMF) climbed back to zero from negative territory, though it remains neutral — buyers are stepping in, but the trend hasn't fully flipped.
What traders are betting
On Hyperliquid, crypto traders are net short Intel: $7.41 million in shorts against $2.90 million in longs, a net short of $4.51 million. But the long-to-short ratio sits at 0.39, among the least bearish in the group, and it's rising. In the options market, the picture is split. Shorter-term traders bought calls on the gap up, pushing the put-call ratio by daily volume from 0.68 down to 0.51 — a bullish move. But longer-term holders added puts for protection, nudging the open-interest ratio from 1.02 to 1.04, a mildly bearish signal. The message: traders want upside today but are hedging for tomorrow.
Key levels to watch
With $132.70 now acting as a floor, the next target is $140.69, the 0.618 Fibonacci retracement level. Above that, $152.16 and $166.76 come into play. But the risk is a bull trap. If the breakout fails and Intel slides back below $132.70, a drop would expose $124.58, then lower levels. The timing isn't great for a pullback — earnings season is weeks away, and the lack of official confirmation leaves the stock exposed to headline risk. The market moved on a president's word, not a press release. Until Apple or Intel speak up, this rally rests on trust.
