Apple has signed with Intel.

The M7 chip will use Intel's 18A process and is set for mass production by the end of 2027. The next-gen iPhone chip will utilize the 14A process, expected by the end of 2028.
This marks the first time Apple has handed core chip production to a foundry outside of TSMC.
The background is straightforward: TSMC's capacity is fully consumed by AI chips, with each generation of Blackwell getting larger and the wafer sizes becoming increasingly outrageous. Apple's bargaining power with TSMC is being diluted by AI clients—rather than passively waiting for capacity, they prefer to proactively seek alternatives.
On Intel's side, the stock has surged 240% this year. After Lip-Bu Tan took over, he brought in a number of key players from TSMC to rebuild the foundry system. This deal with Apple is their biggest vote of confidence.
However, the risks are evident: has the 18A yield been proven? Apple's requirements for yield are on an insane level. If the first batch of M7 chips flops, this narrative will flip in an instant.#TradfiTradingChallenge