Apple Inc. (NASDAQ:AAPL) and Intel Corporation (NASDAQ:INTC) represent two sides of a historical silicon transition. A September 2 report from MacRumors highlighted a key milestone: Apple notified developers that universal Mac App Store apps requiring macOS 13 or later can now drop support for Intel-based Macs. Removing Intel binary slices simplifies app development and reduces download sizes. While symbolic, the move underscores Apple’s completed transition to Apple Silicon and highlights Intel’s diminishing footprint within Apple’s high-margin ecosystem.
Financial Performance: Apple Inc. (NASDAQ:AAPL) Pulls Ahead
Financially, Apple is faring significantly better than Intel.
For Q3 2026 (ended June 27, 2026), Apple reported record quarterly revenue of $109.4 billion, up 16% year-over-year, driven by double-digit growth across iPhone, Mac, and Services. The company’s gross margin reached 50.1%, supported by a 2 percentage point favorable impact from tariff refunds. Diluted earnings per share (EPS) surged 29% year-over-year to $2.02, which included a $0.11 favorable boost from tariff refunds. Operating cash flow and active installed base both set new June quarter records.
Intel’s Q2 2026 financial results (ended June 27, 2026) delivered $16.1 billion in quarterly revenue, up 25% year-over-year, marking its fastest top-line growth in over 15 years. Intel reported a GAAP net loss of $11.0 billion (GAAP EPS of -$2.16), largely driven by non-cash charges and mark-to-market adjustments. However, on a non-GAAP basis, net income reached $2.2 billion ($0.42 diluted EPS), nearly doubling consensus expectations. Non-GAAP gross margin expanded to 41.8% (40.4% GAAP) on strong product mix and factory yields.
Bull & Bear Cases
Apple’s bull case centers on expanding Services margins, strong ecosystem lock-in, and the potential for Apple Intelligence to drive further demand and engagement across iOS and macOS devices, supporting high-margin growth. On the other hand, Apple faces risks from elevated valuation multiples, sluggish growth in Greater China, where Q3 revenue reached $14.7 billion, and ongoing global antitrust scrutiny over App Store fees.
Intel’s bull case rests on successful execution of its 18A process node, expanding opportunities in its foundry business, and government support through CHIPS Act subsidies.
Insider Monkey’s Hedge Fund Data Analysis
Insider Monkey’s database reveals shifting institutional sentiment across both tech giants. Apple was held by 169 funds in Q2 2026, slightly down from 170 in Q1 2026. Warren Buffett’s Berkshire Hathaway remained the top holder with 227.9 million shares valued at $65.95 billion, representing 22.04% of its portfolio, while Ken Fisher’s Fisher Asset Management increased its stake by 3% to 57.61 million shares valued at $16.67 billion.
Intel saw a more notable increase in hedge fund interest, with holdings rising to 138 funds in Q2 2026 from 112 in Q1. Masayoshi Son’s SoftBank Group held 86.95 million shares valued at $12.14 billion, accounting for 66.81% of its portfolio, while Ken Griffin’s Citadel Investment Group held put options equivalent to 31.16 million shares valued at $4.35 billion.
What Investors Should Watch Next
Investors should watch whether Apple Inc. can reignite hardware upgrade cycles via Apple Intelligence rollout in late 2026. For Intel Corporation, the focus remains on execution milestones for 18A manufacturing nodes and stabilizing PC and data center market share.
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