In a research report released on June 22, 2026, Bernstein analyzed the collaboration between Intel and Apple in foundry services. The report states that Apple's entry into Intel's foundry is a confidence validation backed by policy, not a profit inflection point. While the strategic direction is correct, the current stock price has already discounted this positive development. Whether Intel can turn around with Apple's help still depends on execution, cost control, and improvement in profitability. Intel's original chip design capability remains its core asset.
The report urges the market to take a rational view of the near-term impact of this partnership, as earnings from foundry operations will take time and industrial coordination. Bernstein's calculation: the direction is right, but the price is already overextended.