On May 9, The Wall Street Journal reported, citing sources, that Apple and Intel have inked a preliminary agreement wherein Intel will manufacture certain chips for Apple devices. It has been learned that the two sides have been engaged in intensive negotiations for over a year, culminating in the formalization of a deal in recent months. However, the specific Apple products that will feature Intel-produced chips are still unknown. Apple annually ships over 200 million iPhones, in addition to millions of iPads and Mac computers. Intel's core businesses lie in chip design and foundry services, both of which had been languishing for a considerable period before Chen Liwu assumed the role of CEO. The Trump administration converted nearly $9 billion in federal funding into Intel stock, acquiring a 10% stake, which, to a certain extent, eased the negotiations between Apple and Intel. Furthermore, U.S. Secretary of Commerce Lutnick has held multiple meetings with the CEOs of Apple, Tesla, and Nvidia over the past year, in an effort to encourage them to partner with Intel. With Apple now on board, Intel has forged cooperative ties with all three companies.