Intel seeks Apple investment: Report

Intel and Apple discussed ways to work more closely together

Intel has approached Apple in a bid to convince the iPhone maker to invest in the struggling chipmaker, which is now partly owned by the US government, Bloomberg reported on Wednesday, citing people familiar with the matter.

The two companies also discussed ways to work more closely together, while Intel has reached out to other firms about potential investments and partnerships, the report said.

Apple shares fell 0.85% to close at $252.25 after the report, while Intel rose 6.4% to $31.22.

The talks follow a $5 billion investment announced last week by Nvidia, which plans to collaborate with Intel on chips for personal computers and data centers. Last month, Japan’s SoftBank Group, seeking to expand further in the US, unveiled a $2 billion investment in Intel.

Apple was once a longtime Intel customer but shifted to designing its own processors over the past five years. A potential deal would mark another step in Intel’s turnaround efforts.

Still, Apple is unlikely to return to using Intel chips in its devices, as most of its advanced processors are now manufactured by its partner Taiwan Semiconductor Manufacturing Co. (TSMC).