Bloomberg reports that early talks have taken place between the two outfits, though the scope is murky and nothing has been agreed. Still, Chipzilla seems desperate enough to chase any deal that could help finance its 14A process, which so far looks more like a money pit than a manufacturing breakthrough.

Intel has already made a big show of teaming up with Nvidia, SoftBank and even the Trump administration to “stabilise” its balance sheet. It needs outside cash to prop up fabs that still can’t deliver at the level of TSMC.

Apple could, in theory, dual-source its A-series and M-series chips from Intel, giving it a “Made in America” supply chain to wave at regulators. Apple has been TSMC’s golden goose for years, but hedging bets with another foundry might suit its political and marketing needs.

The problem, of course, is whether Intel can deliver silicon on time and at scale. Apple famously dumped Chipzilla’s laptop processors in 2020 when it rolled out its own silicon, and it is hardly sentimental about giving second chances.

Insiders stressing talks are “early-stage” and may go nowhere. But if it happens, it could give Chipzilla a vital customer to justify the billions it has poured into its 14A node, and Apple a patriotic story to tell Washington.