Citi reiterates Sell on Intel, doubts will supply Apple with ARM CPUs

Citi analyst Christopher Danely notes reports that an analyst posted on X that Intel (INTC) had won designs at Apple (AAPL) for its M-series chips in MacBooks and iPads and is expected to begin shipping in 2027. However, while the firm believes it is possible that Apple could switch back to Intel’s X86 CPUs for its products, the firm doesn’t believe Intel merchant foundry will be able to build leading-edge ARM based chips by 2027, adding that it sees Intel as “at least two years behind” TSMC (TSM) in merchant foundry. The firm reiterates a Sell rating and $29 price target on Intel shares.