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Intel reverses course on Apple partnership 📈 President Trump's declaration of an Apple–Intel agreement to co-design and manufacture chips in the United States sent Intel (INTC) surging +10.6% and sparked a sharp rebound across the semiconductor sector. • Intel had been mired in a prolonged slump since Apple's 2020 shift to its M-series chips stripped away a key customer, compounded by foundry restructuring costs and slowing PC demand. Trump's direct announcement of an Apple–Intel U.S. chip co-design and production deal turned the mood around in a single session. • Investors read the development as Intel Foundry landing Apple — one of the industry's most demanding customers — as its first major client. Micron (+8.7%), Marvell (+7.3%), TSMC (+6.9%), and Qualcomm (+6.2%) surged in tandem, lifting the semiconductor sector +6.6%. • The political goal of building a U.S. chip supply chain amplified sector-wide buying, with the Nasdaq +1.9% far outpacing the Dow (+0.1%). • Whether orders actually convert to foundry revenue remains the key variable for Intel Foundry, and Micron's June 24 earnings report will be a critical test of whether semiconductor demand strength holds. Hormuz reopens, oil drops -3% ⛽ A U.S.–Iran ceasefire agreement reopened the Strait of Hormuz — effectively blockaded since the outbreak of war — sending oil prices to their lowest level since the conflict began. The VIX also fell -3.0%, underpinning a broad risk-on recovery through the session. • More than six tankers transited immediately; the Wall Street Journal reported that Iran could recover more than $60 billion in annual oil revenues • The International Energy Agency (IEA) warned that full implementation of the deal could produce a global supply glut as early as next year
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