Apple, Intel have reached preliminary chip-making deal: Report

Intel has reached a preliminary deal with Apple to make some of the chips that power the iPhone maker’s devices, the Wall Street Journal reported on Friday, in a major boost for the chipmaker’s bid to revive its manufacturing business.

The companies were engaged in intensive talks for more than a year and they hammered out a formal deal in recent months, the report said, citing people familiar with ‌the matter.

Intel stock ⁠extended gains ⁠to rise 15% on the news, while Apple shares were up about 1.7% in afternoon trading.