India, May 8 -- Shares of Intel soared sharply Friday after a report claimed the chipmaker had reached a preliminary agreement with Apple to manufacture chips for some of the company's devices.

Intel stock jumped roughly 15% following the Wall Street Journal report, while Apple shares also moved higher during afternoon trading. The rally came as investors continued piling into AI and semiconductor plays amid growing confidence in the US economy and corporate earnings strength.

According to a report from The Wall Street Journal, Intel and Apple spent more than a year in negotiations before recently finalizing a preliminary agreement. The report cited people familiar with the matter and said the US government played a significant role in ...