Markets
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Matt Phillips

Intel rises again, riding a wave of Trump support and Apple speculation

Intel is up again early Wednesday, coming within spitting distance of two-year highs, after comments from the president fed into stock market murmurs about the prospect for Apple to become a key customer for Intel’s ailing contract chip-manufacturing business.

In off-the-cuff comments to reporters Tuesday, President Trump took a victory lap over Intel’s rally since the US government’s investment in August.

“The stock went very up, and very high and we made tens of billions of dollars,” Trump said, adding that “as soon as we went in, Apple went in, Nvidia went in, a lot of smart people went in. They followed us.”

Nvidia took the unusual step of buying a $5 billion stake in Intel in September. But it’s unclear what Trump meant by “Apple went in.”

The comment is consistent with market speculation that Apple — another company whose operational decisions Trump has pressured and influenced — could become a key customer for the next-generation chipmaking technology known as 18A. Intel has bet billions on 18A in an effort to resuscitate its ailing contract chip-manufacturing business, known as a foundry. But the chipmaker has yet to land a key customer willing to let it make its chips with the new process.

In a note published this week, KeyBanc analyst John Vinh said he believes that Apple will be a key customer for 18A, but no announcement about any deal has been made.

So was Trump confused? Did he let something important slip? Was it merely a bit of Trumpian puffery? All unclear.

What is plain, however, is that investors are taking cues on what to buy based on the deep personal involvement of an intensely stock market-sensitive US president.

It might not be the ideal of free market capitalism. But in Intel’s case, it does seem to make the number go up, at least so far.

Follow the White House as it picks stock-market winners and losers, says Fundstrat's Tom Lee.

Follow the White House as it picks stock-market winners and losers, says Fundstrat's Tom Lee.

“The stock went very up, and very high and we made tens of billions of dollars,” Trump said, adding that “as soon as we went in, Apple went in, Nvidia went in, a lot of smart people went in. They followed us.”

Nvidia took the unusual step of buying a $5 billion stake in Intel in September. But it’s unclear what Trump meant by “Apple went in.”

The comment is consistent with market speculation that Apple — another company whose operational decisions Trump has pressured and influenced — could become a key customer for the next-generation chipmaking technology known as 18A. Intel has bet billions on 18A in an effort to resuscitate its ailing contract chip-manufacturing business, known as a foundry. But the chipmaker has yet to land a key customer willing to let it make its chips with the new process.

In a note published this week, KeyBanc analyst John Vinh said he believes that Apple will be a key customer for 18A, but no announcement about any deal has been made.

So was Trump confused? Did he let something important slip? Was it merely a bit of Trumpian puffery? All unclear.

What is plain, however, is that investors are taking cues on what to buy based on the deep personal involvement of an intensely stock market-sensitive US president.

It might not be the ideal of free market capitalism. But in Intel’s case, it does seem to make the number go up, at least so far.

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Helena Cheng

Lululemon’s stretch getting tested: Stock plunges after after outlook is cut

Lululemon shares are down double digits in premarket trading after the company cut its full-year sales and profit outlook, overshadowing a Q1 beat and raising fresh concerns about the brand’s turnaround efforts.

The company now expects fiscal 2026 revenue to be flat to down 1%, compared with its prior forecast for 2% to 4% growth. Guidance for full-year diluted earnings per share was dragged down to a range of $10.95 to $11.15, below the company’s previous guidance of $12.10 to $12.30 and well below Wall Street’s estimate of $13.26.

Key numbers for Q1:

  • EPS of $1.69 vs. the $1.68 expected.

  • Revenue of $2.47 billion vs. the $2.43 billion expected.

The modest top-line beat masked a widening divergence between Lululemon’s geographic markets. While international revenue rose 22% overall with a 30% increase in Mainland China, the bigger problem remains North America, where revenue fell 5%.

Interim co-CEO and CFO Meghan Frank acknowledged during the earnings call that recent product rollouts underperformed. A highly anticipated yoga campaign failed to generate its expected “halo effect” across broader product lines.

Profitability metrics took a major hit, with gross margins contracting by 410 basis points to 54.2% due to mounting tariff costs and promotional markdowns. Operating income consequently fell 37% year over year to $276.9 million.

“We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top-line performance,” Frank said during the earnings call. “And second, not all of our product launches have met our expectations. While we have had several successful launches so far this year, we have seen others as we start Q2 not generate the anticipated guest response.”

Lululemon’s valuation has already been steadily compressing for years. While it was once one of retail’s richly valued stocks, investors have been questioning whether the company can return to the double-digit growth era.

The results also arrive during a leadership transition. Lululemon announced back in April that former Nike executive Heidi O’Neill is set to take over as CEO in September, with investors looking to her to revive growth in North America and restore the brand’s growth.

As Lululemon faces both macroeconomic pressure and brand-specific challenges, its stock has dropped around 40% year to date.

markets
Paige Oamek

US job growth skyrocketed in May, blasting past expectations

The US economy added 172,000 jobs in the month of May, the Bureau of Labor Statistics reported Friday, sending 10-year Treasury yields higher.

The strong May job market surprised economists. Experts had predicted only 85,000 new jobs — just half the reported number. The unemployment rate held steady at 4.3%, as expected.

The job growth story is a hopeful spot for the economy as consumers continue to feel inflationary pressure from the Iran war.

Job gains were buoyed by the leisure and hospitality sector, which added 70,000 jobs, as well as local government, healthcare, and education.

Both the March and April jobs reports were revised upward, making them collectively 93,000 higher than previously reported.

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