Intel surges 13% on Apple chip talks as AMD and Cloudflare rally on earnings beats, SOXX +4.5%

Intel Corp. (NASDAQ: INTC) jumped 12.9% Tuesday to close at $108.15, hitting a new all-time high, after Bloomberg reported Apple Inc. is in talks with Intel and Samsung to produce main processors for its U.S.-made devices. The broader AI chip universe followed, with the SOXX semiconductor ETF gaining 4.5%, the Nasdaq Composite adding 1.0%, and the S&P 500 closing up 0.8% at 7,259.

Today's biggest movers

Intel jumps 13% on Apple chip-manufacturing talks

Intel Corp. (NASDAQ: INTC) closed at $108.15, up 12.9%, on a Bloomberg report cited by CNBC that Apple Inc. is in active discussions with Intel and Samsung to manufacture main processors for Apple devices on U.S. soil. For Intel, which has spent the past two years rebuilding its foundry business under CEO Lip-Bu Tan, an Apple contract would validate the entire strategy. The stock has now more than doubled in the past month, up 104%, and is up 175% year-to-date. Intel reported Q1 2026 revenue of $13.58 billion and non-GAAP EPS of $0.29, both ahead of analyst estimates, with Q2 guidance of $13.8-14.8 billion. Tan described CPUs as the "indispensable foundation of the AI era" on the earnings call, per Intel's Q1 2026 press release.

Cloudflare gains 9% ahead of Thursday earnings on Forrester leadership nod

Cloudflare Inc. (NASDAQ: NET) rose 9.0% to $244.43 in its strongest single-session gain in months, ahead of Q1 2026 results due Thursday, May 7. Forrester Research named Cloudflare a leader in its Edge Development Platforms Wave, buttressing the bull case for its AI gateway and Workers AI products. The Zacks consensus for Q1 revenue is $621.9 million, implying 29.8% year-over-year growth, per Zacks. EPS consensus is $0.23, up 43.8% from Q1 2025. Of 35 analysts covering the name, 22 rate it Buy or Strong Buy. NET is up 24.7% year-to-date.

AMD rises 4% on Q1 blowout, data center revenue up 57%

Advanced Micro Devices Inc. (NASDAQ: AMD) added 4.0% to close at $355.26 after reporting Q1 2026 revenue of $10.3 billion and non-GAAP EPS of $1.37, both ahead of the Street's $1.25 EPS estimate and $9.9 billion revenue consensus, per AMD's Q1 2026 press release. Data Center segment revenue hit $5.8 billion, up 57% year-over-year, driven by EPYC processor share gains and the Instinct GPU ramp. Q2 guidance of $10.9-11.5 billion topped the $10.52 billion analyst consensus. Morgan Stanley raised its price target to $360, Susquehanna moved to $375 (Positive), and RBC set $325 (Sector Perform), per TheStreet. AMD is up 59% year-to-date.

Palantir falls 7% as valuation reset follows earnings beat

Palantir Technologies Inc. (NYSE: PLTR) dropped 6.9% to $135.91, the session's biggest decliner in our coverage, even as the company reported a clean beat. Q1 2026 revenue came in at $1.63 billion versus the $1.54 billion consensus, with revenue growth accelerating to roughly 85% year-over-year, per CNBC's Q1 2026 earnings report. Non-GAAP EPS of $0.33 beat the $0.27 estimate. Full-year 2026 revenue guidance was raised to $7.65-7.66 billion, above consensus. The sell-off reflects valuation pressure: PLTR has traded at triple-digit forward earnings multiples, and investors who held into the earnings run-up rotated out into chip names. The stock is down 19% year-to-date and has shed 9.4% over the past month.

Lam Research and Applied Materials lead chip-equipment surge

Lam Research Corp. (NASDAQ: LRCX) gained 6.7% to $275.80, lifted by a wave of analyst price target increases tied to AI-driven memory demand. Susquehanna raised its target to $385, TD Cowen moved to $340, BofA lifted to $330, and RBC Capital raised to $310. Applied Materials Inc. (NASDAQ: AMAT) added 5.0% to $410.82 after Seaport Global initiated coverage with a Buy rating and a $500 target, per Benzinga. B. Riley raised its AMAT target to $485 and UBS to $480. AMAT reports Q2 results on May 14. Both names are up sharply year-to-date, LRCX +49% and AMAT +53%, as customers accelerate capacity build-out for advanced DRAM and gate-all-around logic nodes.

Notable but quieter

ASML Holding N.V. (NASDAQ: ASML) rose 4.1% to $1,442.92. The company raised 2026 revenue guidance to EUR 36-40 billion from EUR 34-39 billion. China revenue fell to 19% of net system sales in Q1 2026, down from 36% in Q4 2025, as export controls tightened, per Seeking Alpha's Q1 2026 earnings update.

Arm Holdings plc (NASDAQ: ARM) gained 2.8% to $208.84, up 82% year-to-date, with fiscal Q4 2026 results due Wednesday after market close. Street consensus is $1.35 billion in revenue, implying roughly 30% year-over-year growth, per The Motley Fool.

Broadcom Inc. (NASDAQ: AVGO) added 2.6% to $427.36, up 23% year-to-date. NVIDIA Corp. (NASDAQ: NVDA) slipped 1.0% to $196.50, giving back part of Monday's gains. Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) fell 1.8% to $394.41 as investors weighed the Apple-Intel foundry report against TSMC's existing relationship with Apple.

For more context on this cohort's recent results, see our earlier recap: AMD falls 5% ahead of Tuesday earnings as Oracle surges on $553B AI cloud backlog and Alphabet rips 10% on Cloud beat as Meta tumbles 9% on capex shock.

What to watch tomorrow

Arm Holdings reports fiscal Q4 2026 results after Wednesday's close. Cloudflare follows Thursday, May 7, after the bell. Applied Materials' Q2 report is set for May 14. Blended S&P 500 Q1 earnings growth is running at 27.1%, per FactSet's May 1 update, well ahead of the 13.1% rate at quarter-end. No Fed meetings are scheduled this week, but Friday's jobs report will set the macro tone heading into next week.

Not investment advice.