Intel INTC at $126 After a 240% Rally: Is the Apple Chip Deal Already Priced In?

# Intel INTC at $126 After a 240% Rally: Is the Apple Chip Deal Already Priced In?

> **Quick answer:** Intel stock has surged over 240% year-to-date to $126, fueled by a confirmed preliminary deal for Apple to use Intel's 18A-P process node for lower-end M-series chips targeting 2027. But with a forward P/E above 120x, Intel Foundry still losing $2.4 billion per quarter, and revenue from Apple not materializing for 2-3 years, Bank of America argues the deal's upside is already fully valued. A May 12 chip selloff — INTC down 9%, QCOM down 13% — suggests the market may be reaching the same conclusion.

Intel INTC at $126 and up 240% year-to-date is one of the most dramatic large-cap rallies of 2026, driven almost entirely by a single narrative: Apple chose Intel. But markets have a way of pricing good news faster than good news arrives. The real question every investor needs to answer right now is whether the Apple chip deal justifies what is essentially a bet on an event that won't generate meaningful revenue until 2027 at the earliest — and that could easily slip to 2028 or beyond.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

## What the Apple-Intel Deal Actually Says — and What It Doesn't

On May 8, 2026, the Wall Street Journal confirmed what had been rumored for weeks: Apple and Intel reached a preliminary agreement for Intel to manufacture chips using the 18A-P process node. The specific target is Apple's lower-end M-series SoCs — the chip inside the entry MacBook Air and iPad Pro — with a production ramp targeting the second half of 2027.