Apple to buy Intel chips

What happened: Reports suggest Apple is nearing a deal with Intel to manufacture some of its chips, marking a significant shift in the tech industry. Talks have been ongoing for over a year, with a preliminary agreement reached recently. President Trump claimed Apple agreed to work with Intel on chip design and manufacturing in the U.S., though neither company has confirmed the deal.

Market impact: Intel shares soared on the news, gaining as much as 14% in a single day, pushing the company's market value past $600 billion. The deal, if confirmed, could signal a major turnaround for Intel in the mobile chip market, where it previously struggled to compete with Qualcomm.

What to watch next: Intel's earnings call on July 28, where management may provide more clarity on the reported Apple deal. Additionally, any formal announcement or denial from Apple or Intel regarding the chip manufacturing agreement will be crucial in determining the narrative's next steps.