$Intel(INTC.US) I've been waiting for news about Apple's A-series chip foundry business since last year. The reason is simple, let's think from common sense.

Known:

1. Ming-Chi Kuo previously had a bearish view on INTC, indicating his neutral stance, and considering his past leaks, his report that Apple is considering using 18AP for the low-end M-series models is extremely credible.

2. Using TSMC/INTC dual sourcing would increase Apple's chip backend design costs, and there doesn't seem to be a clear benefit.

3. Apple once used Samsung/TSMC dual sourcing at the 14nm node.

Based on the above, the answer is obvious. For a company of Apple's caliber, it would rather increase design costs and also needs to introduce multiple suppliers to reduce its own supply chain risks. The 18AP version of the M-series foundry business is just a trial run for both parties, equivalent to a test order from Apple to support INTC as a second supplier. Apple's chip design capabilities are also top-tier globally. If the 18AP process performs well, the real goal for both parties should be: the iPhone A-series on the 14A process. The A-series is Apple's most core chip product. If INTC can secure it, it's a foundational step on the path to a trillion-dollar market cap.