Intel Stock Soars on Apple Foundry Rumors and AI GPU Tailwinds: What’s Driving INTC on November 29, 2025

Dateline: November 29, 2025

Intel Corporation (NASDAQ: INTC) is back at the center of the market’s attention after a powerful post‑Thanksgiving rally that pushed the stock up more than 10% in a single session, making it one of the best performers in the S&P 500 heading into the weekend. ^[1]

Behind the move is a cocktail of catalysts: intensifying rumors that Apple may tap Intel’s cutting‑edge foundry for future M‑series chips, a bullish long‑term forecast for the GPU market, fresh signs of institutional buying, and a surprisingly muted investor reaction to a new trade‑secret lawsuit brought by rival TSMC. ^[2]

Intel Stock Price Today: Double‑Digit Jump in a Holiday Session

In Friday’s holiday‑shortened U.S. trading session on November 28, Intel shares closed at $40.56, up 10.19% on the day with roughly 94 million shares changing hands. After‑hours trading saw the stock tick slightly higher to about $40.78, according to StockAnalysis.com. ^[3]

That close puts Intel stock near the top of its 52‑week range of roughly $17.67 to $42.48, as reported by RTTNews, and roughly double its early‑2025 lows, a point echoed by multiple market commentators. ^[4]

The broader market backdrop helps explain why the move got so much attention. In a thin, post‑Thanksgiving session, all three major U.S. indices advanced, with tech stocks helping lead the way. Intel was a standout: the company’s shares surged about 10.2%, making it one of the day’s strongest contributors to the S&P 500 and Nasdaq. ^[5]

Apple Foundry Rumors Light a Fire Under INTC

The biggest near‑term catalyst for Intel’s rally is the latest twist in the company’s long‑running dance with Apple.

On November 28, TF International Securities analyst Ming‑Chi Kuo posted on X (formerly Twitter) that the odds of Intel becoming an advanced‑node foundry supplier to Apple have “recently improved significantly,” citing fresh industry checks. ^[6]

Multiple reports summarizing Kuo’s note and subsequent commentary highlight several key points: ^[7]

Apple has signed a non‑disclosure agreement (NDA) with Intel and already obtained a preliminary design kit for Intel’s 18A‑class “18AP” process.
Apple is reportedly waiting for updated process design kits (PDK 1.0/1.1) expected around the first quarter of 2026 before locking in designs.
If development goes to plan, Intel could begin shipping Apple’s lowest‑end M‑series processors as early as the second to third quarter of 2027, targeting products like MacBook Air and iPad Pro, which together ship on the order of tens of millions of units per year.
Any agreement would dovetail with Washington’s “Made in USA” manufacturing push and could act as a high‑profile proof point for Intel’s foundry ambitions.

Kuo’s comments were amplified by outlets including The Economic Times, Investopedia, and a range of market news sources, all linking Intel’s double‑digit gain to renewed optimism around a potential Intel–Apple foundry partnership. ^[8]

At this stage, no deal has been officially announced by Intel or Apple. The move is being driven by analyst commentary and market speculation, not a signed contract. But in a market that has spent years questioning whether Intel can win major external customers for its manufacturing arm, even a credible rumor is enough to move the stock.

AI GPU Market Forecast Adds a Second Tailwind

The Apple chatter isn’t the only bullish story in play. Intel also benefited from a new industry report projecting explosive growth in the U.S. graphics processing unit (GPU) market.

According to RTTNews, Intel shares climbed 8.47% intraday on Friday, reaching $39.90 at one point, after a study predicted that the U.S. GPU market could expand from about $19.03 billion in 2024 to $136.07 billion by 2033. ^[9]

That forecast is aligned with broader expectations that:

GPUs and AI accelerators will remain critical for gaming, AI workloads, high‑performance computing, cloud infrastructure, and data‑intensive applications.
Demand will continue to stretch the world’s limited supply of leading‑edge manufacturing capacity. ^[10]

This matters for Intel because the company is trying to reposition itself not only as a CPU giant but also as a serious player in AI GPUs, NPUs (neural processing units), and custom accelerators, as well as a contract manufacturer (foundry) for other companies’ chips. Intel has already unveiled a new inference‑focused GPU code‑named “Crescent Island” and is pushing an “AI PC” narrative built around future Core Ultra and Xeon products manufactured on its 18A node. ^[11]

In other words, if the GPU and AI accelerator markets really do compound that dramatically, Intel doesn’t have to dominate them outright to benefit—it simply needs to secure a credible piece of the pie and prove its fabs can deliver.

Investors Look Past TSMC Trade‑Secret Lawsuit

Layered on top of the bullish headlines is a legal subplot that, so far, markets seem willing to ignore.

On November 25, Taiwan Semiconductor Manufacturing Co. (TSMC) filed a lawsuit in Taiwan against former senior vice‑president Wei‑Jen Lo, who joined Intel as an executive vice‑president after a 21‑year career at TSMC overseeing corporate strategy and R&D. ^[12]

TSMC alleges that Lo misrepresented his post‑retirement plans and now poses a “high probability” risk of using or leaking trade secrets to Intel, citing his access to sensitive technical data and ongoing contacts with R&D staff. The complaint invokes Taiwan’s Trade Secrets Act and related non‑disclosure and non‑compete agreements, with the case now proceeding at Taiwan’s Intellectual Property and Commercial Court. ^[13]

Intel has categorically denied the accusations, saying it has “no reason to believe” there is any merit to the allegations and emphasizing its internal policies against using third‑party confidential information. ^[14]

Despite the potentially high‑stakes backdrop—TSMC is the world’s dominant advanced foundry—coverage from Proactive Investors notes that Intel shares still moved more than 7% higher on Friday, driven by optimism about demand for AI‑powered personal computers and the broader Apple/GPU narrative. ^[15]

For now, investors appear to be treating the lawsuit as background noise rather than a thesis‑changing event. But as the case progresses, any formal findings about trade‑secret misuse could have serious reputational and regulatory implications for Intel’s foundry ambitions.

Under the Hood: Q3 2025 Results and a Very Busy Balance Sheet

The latest price action is happening against a backdrop of improving—though complicated—fundamentals.

In October, Intel reported third‑quarter 2025 revenue of $13.7 billion, up about 3% year‑over‑year, with non‑GAAP earnings per share of $0.23. Gross margins improved sharply to around 40% on a non‑GAAP basis, reflecting both cost cuts and a mix shift toward higher‑margin products. ^[16]

By business segment: ^[17]

Client Computing Group (PCs): $8.5 billion in revenue, up roughly 5% YoY, helped by Windows 11 refresh cycles and new notebook platforms.
Data Center and AI (DCAI): $4.1 billion in revenue, down about 1% YoY, essentially flat but underperforming more explosive AI peers.
Intel Foundry: Around $4.2 billion in revenue, down 2% YoY, with an operating loss of about $2.3 billion in the quarter.

Net income for Q3 came in at $4.1 billion, a dramatic swing from a $16.6 billion net loss in Q3 2024. But as DataCenterDynamics and Intel’s own filings stress, much of that profit reflects one‑off items: ^[18]

A $5 billion equity investment from Nvidia.
A $2 billion equity investment from SoftBank Group.
Roughly $5.7 billion in cash from the U.S. government tied to an amended CHIPS Act agreement.
Around $5.2 billion from completing the Altera transaction and selling down part of Intel’s stake in Mobileye.

Intel used part of that windfall to repay approximately $4.3 billion of debt, and is still planning about $18 billion in 2025 capital expenditures, up from $17 billion in 2024. ^[19]

CHIPS Act Money and a 9.9% U.S. Government Stake

The CHIPS Act element deserves special attention because it reshapes Intel’s capital structure in a way few blue‑chip companies have ever experienced.

In late August, Intel amended its CHIPS Act funding deal with the U.S. Department of Commerce, removing certain project milestones and pulling forward about $5.7 billion in cash, giving the company more flexibility over when and how it deploys the funds. ^[20]

In return, Intel issued roughly 274.6 million shares to the U.S. government, with options for up to 240.5 million more, giving Washington the ability to own up to 9.9% of Intel’s equity under certain conditions. The revised agreement includes “guardrails” that restrict Intel from using CHIPS funds for dividends or buybacks, prevent some kinds of control‑changing deals, and limit expansion in certain countries. ^[21]

Combined with the Nvidia and SoftBank investments, the CHIPS financing makes Intel’s turnaround story deeply intertwined with industrial policy and government priorities around domestic chip manufacturing.

Foundry: Massive Ambition, Massive Losses

The elephant in the room is Intel’s foundry strategy, now wrapped into its “IDM 2.0” plan to manufacture chips for both itself and other companies.

Analyst coverage from MarketMinute and others paints a mixed picture: ^[22]

Intel Foundry Services (IFS) racked up over $13.4 billion in losses in 2024 and is still losing billions annually, including about $2.3 billion in Q3 2025 alone. ^[23]
Early assessments suggested 18A yield rates—a key metric for manufacturing efficiency—were well below those of TSMC, though Intel insists it is on track to ramp yields to competitive levels by late 2025 or early 2026. ^[24]
Intel’s CPU market share has steadily eroded over the past several years, particularly in servers, intensifying pressure to make the foundry pivot work. ^[25]

And yet, the last few quarters have shown real, if early, traction:

Intel has announced a multi‑generation collaboration with Nvidia to build custom data center and PC products using Intel’s advanced manufacturing and Nvidia’s AI platforms, alongside Nvidia’s $5 billion equity stake. ^[26]
Reports indicate Intel has secured Microsoft as a key 18A foundry customer, potentially for future Maia AI chips, and has struck a deal with Amazon to produce custom server silicon. ^[27]
Intel itself says it is ramping its 18A node, with client processors code‑named “Panther Lake” and future Xeon 6+ “Clearwater Forest” slated to be built on 18A, supported by a newly operational Fab 52 in Arizona dedicated to that process. ^[28]

Longer‑term, management has laid out a path to break‑even in foundry by around 2027, with aspirational targets of 60% gross margins and 40% operating margins if the business scales and secures enough external demand. ^[29]

That’s the backdrop against which the Apple rumor lands. A marquee, advanced‑node design win from one of the world’s most demanding chip customers would be a symbolic and commercial validation of Intel’s foundry bet—exactly what the market has been waiting to see.

Institutional Money Is Moving In

Another reason Intel’s move matters: big, patient capital appears to be getting involved.

According to The Economic Times, filings released this week show that Norway’s sovereign wealth fund—one of the world’s largest institutional investors—has initiated a position in Intel worth roughly $1.58 billion, representing more than 70 million shares. ^[30]

Polish pension giant PZU has also increased its Intel stake, reportedly making it one of the largest positions in its portfolio. Quant funds and other asset managers have disclosed new or increased positions as well, pushing institutional and hedge‑fund ownership to about 64.5% of Intel’s outstanding shares. ^[31]

For traders, that level of institutional interest can cut both ways: it supports the idea of a long‑term turnaround thesis, but it also means that when sentiment turns, volatility can spike as large holders reposition.

How Today’s News Fits Into the Bigger Intel Story

Put together, the latest headlines can be seen as the market re‑rating three overlapping narratives:

Intel as a Western advanced‑node foundry alternative
- Apple rumors, the U.S. government’s 9.9% stake, the Nvidia partnership, and reported wins with Microsoft and Amazon all point to a world where Intel could become a critical backup (or rival) to TSMC and Samsung for cutting‑edge chips. ^[32]
Intel as an AI PC and GPU player
- The bullish GPU market forecast and Intel’s own roadmap for AI‑centric cores, GPUs, and NPUs suggest that even modest share gains in AI hardware could move the needle over time, especially if Intel’s manufacturing costs come down as 18A and later 14A nodes mature. ^[33]
Intel as a turnaround with heavy government and partner backing
- CHIPS Act cash, equity investments from Nvidia and SoftBank, and major sovereign and pension funds entering the stock all underscore that powerful players have a vested interest in Intel’s success—but they also raise questions about how much upside ultimately accrues to common shareholders versus governments and strategic partners. ^[34]

Friday’s move shows that when any one of these themes gets a positive shock—like fresh Apple foundry speculation—the other two tend to light up as well.

Risks That Could Still Derail the Intel Stock Rally

For all the excitement, the Intel story remains high‑risk, high‑execution. Key risks include:

Foundry economics: IFS is still burning billions of dollars per year. Hitting break‑even by 2027 assumes both strong yield ramps and large external customers—neither of which is guaranteed. ^[35]
Competitive pressure: TSMC remains the clear leader in advanced manufacturing, while Nvidia and AMD dominate the AI accelerator market and continue to gain CPU market share in servers and clients. ^[36]
Legal and geopolitical overhangs: The TSMC lawsuit over alleged trade‑secret leakage and broader U.S.–China tech tensions add unpredictability, especially for a company being positioned as a keystone of Western semiconductor strategy. ^[37]
Quality of earnings: Q3 2025 profitability was heavily boosted by non‑recurring investments and government funding. Sustainable profit growth will have to come from core operations, not one‑time deals. ^[38]

For long‑term holders, the question isn’t just whether Intel can execute, but how much of the eventual economic pie will belong to shareholders after factoring in equity stakes, subsidies, and strategic partnerships that often come with strings attached.

Bottom Line: Intel Stock Has Momentum, but the Hard Part Is Still Ahead

As of November 29, 2025, Intel stock is enjoying a powerful momentum burst, propelled by Apple foundry rumors, AI GPU optimism, institutional buying, and a market hungry for alternative ways to play the AI and onshoring themes. ^[39]

The latest move doesn’t resolve the big questions around Intel’s foundry economics, competitive position, or legal and geopolitical exposure—but it does show that investor sentiment can swing quickly when even plausibly positive news hits a stock that has spent years as a turnaround project.

For readers tracking INTC:

The next major milestones to watch will be concrete updates on 18A and 14A yields, any formal announcements around Apple or other major foundry customers, and how Intel’s margins evolve as one‑off funding fades and day‑to‑day operations carry more of the load. ^[40]

Until then, Intel remains exactly what the latest price action suggests: a volatile, systemically important bet on the future of AI computing and Western chip manufacturing.

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