{"id":61730,"date":"2026-05-08T13:38:26","date_gmt":"2026-05-08T17:38:26","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/apple-and-intel-strike-landmark-chip-deal-as-fitch-warns-of-oil-price-spikes\/61730\/"},"modified":"2026-05-08T13:38:26","modified_gmt":"2026-05-08T17:38:26","slug":"apple-and-intel-strike-landmark-chip-deal-as-fitch-warns-of-oil-price-spikes","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/apple-and-intel-strike-landmark-chip-deal-as-fitch-warns-of-oil-price-spikes\/61730\/","title":{"rendered":"Apple and Intel Strike Landmark Chip Deal as Fitch Warns of Oil Price Spikes"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) and Intel (<a href=\"\/stock\/INTC\">INTC<\/a>) have reached a preliminary agreement<\/strong> for Intel to manufacture chips for Apple devices, sending <strong>Intel shares soaring by approximately 14%<\/strong>.<\/li>\n<li><strong>Fitch Ratings projects Brent crude oil prices will spike to $100\u2013$110 per barrel<\/strong> through July due to the ongoing closure of the <strong>Strait of Hormuz<\/strong>, before potentially retreating to <strong>$70 by September<\/strong>.<\/li>\n<li><strong>The New York Fed raised its Q2 GDP Nowcast to 2.59%<\/strong>, up from a previous estimate of 2.52%, indicating resilient economic growth despite global volatility.<\/li>\n<li><strong>A Ukrainian drone attack on a Russian air traffic control center in Rostov-on-Don<\/strong> forced the suspension of operations at <strong>13 airports<\/strong> across southern Russia, disrupting thousands of civilian flights.<\/li>\n<li><strong>Argentina has introduced a &quot;Super RIGI&quot; investment initiative<\/strong>, offering <strong>zero export duties<\/strong> and 30-year regulatory stability to attract large-scale international capital.<\/li>\n<\/ul>\n<h2>Tech Giants Reshape Supply Chains<\/h2>\n<p>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) and Intel (<a href=\"\/stock\/INTC\">INTC<\/a>) have entered into a preliminary chip-making agreement that marks a significant shift in the semiconductor landscape. According to reports from the <em>Wall Street Journal<\/em>, the deal involves Intel manufacturing specialized components for Apple\u2019s hardware, a move seen as a major validation of Intel\u2019s &quot;Foundry&quot; business model. Following the news, <strong>Intel (<a href=\"\/stock\/INTC\">INTC<\/a>)<\/strong> shares surged <strong>14%<\/strong>, while <strong>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>)<\/strong> saw a modest gain of <strong>2%<\/strong>.<\/p>\n<p>In a separate development in the technology sector, former President Donald Trump publicly endorsed Dell (<a href=\"\/stock\/DELL\">DELL<\/a>), telling consumers to &quot;<strong>Go buy a Dell<\/strong>.&quot; The comment comes amid broader discussions regarding domestic manufacturing and the strengthening of U.S.-based hardware providers.<\/p>\n<h2>Energy Markets Brace for Hormuz Volatility<\/h2>\n<p>Fitch Ratings has significantly adjusted its near-term energy assumptions, citing the <em>prolonged closure of the Strait of Hormuz<\/em>. The agency predicts that <strong>Brent crude<\/strong> will remain elevated between <strong>$100 and $110 per barrel<\/strong> through the early summer months. However, Fitch anticipates an oversupply in European gas and oil markets will eventually drive prices down to <strong>$70 per barrel by September<\/strong> once supply routes stabilize.<\/p>\n<p>Domestically, the <strong>U.S. Baker Hughes Rig Count<\/strong> for the week ending May 8 showed a total of <strong>548 active rigs<\/strong>. While the gas rig count slipped by <strong>1 to 129<\/strong>, oil-directed rigs rose by <strong>2 to 410<\/strong>, suggesting that producers are cautiously increasing capacity in response to higher crude prices.<\/p>\n<h2>Geopolitical Tensions Disrupt Global Transit<\/h2>\n<p>Russian President Vladimir Putin confirmed today that an air traffic control center in <strong>Rostov-on-Don<\/strong> came under a Ukrainian drone attack. While Putin stated the incident &quot;did not lead to any tragedy,&quot; the strike severely impacted the safety of civil aviation, leading to the closure of <strong>13 regional airports<\/strong>. Over <strong>14,000 passengers<\/strong> were reportedly stranded as flight schedules across southern Russia were paralyzed.<\/p>\n<p>In the Middle East, the <strong>U.S. Navy<\/strong> continues to maintain a heavy presence, with the <strong>USS Truxton (DDG 103)<\/strong>, <strong>USS Rafael Peralta (DDG 115)<\/strong>, and <strong>USS Mason (DDG 87)<\/strong> actively operating in the region. Iranian President Masoud Pezeshkian remarked that while Iran seeks &quot;friendly relations,&quot; the future world will have &quot;no place for colonialism,&quot; highlighting the delicate diplomatic balance in the region.<\/p>\n<h2>Macroeconomic Outlook and Policy Shifts<\/h2>\n<p>The <strong>New York Fed<\/strong> updated its <strong>Q2 GDP Nowcast to 2.59%<\/strong>, reflecting a slight upward revision from the previous week. In the financial markets, the Fed\u2019s <strong>Reverse Repo Facility<\/strong> took in <strong>$0.787 billion<\/strong> on May 8, continuing to provide a liquidity buffer for the banking system.<\/p>\n<p>On the international front, <strong>Argentina<\/strong> is moving aggressively to attract foreign direct investment through its &quot;<strong>Super RIGI<\/strong>&quot; initiative. The program offers <strong>zero export duties<\/strong> and a <strong>30-year guarantee<\/strong> of tax and customs stability for projects exceeding <strong>$200 million<\/strong>. Meanwhile, <strong>India<\/strong> has officially published new <strong>Labour Wage Code rules<\/strong>, signaling a major overhaul of the country&#39;s employment regulations to streamline industrial operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Apple (AAPL) and Intel (INTC) have reached a preliminary agreement for Intel to manufacture chips for Apple devices, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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