President Donald Trump announced overnight that Apple will begin using Intel’s factories to make computer chips, a major breakthrough in Intel’s five-year effort to become a contract manufacturer.

Intel INTC3.46%increase; up pointing triangle stock jumped in premarket trading after President Trump said that Apple agreed to work with the company to design and build chips in the U.S., an endorsem...

The U.S. government took a 10% stake in Intel last year, converting $8.9 billion in unpaid Chips Act grants into equity.