Apple cruises to fresh all-time high following reports of in-house Mac chips and July start of iPhone 12 production

• Apple joined the Nasdaq 100 index in hitting an all-time high on Tuesday, with its shares up as much as 3.6%.
• The move in Apple follows a Bloomberg report that the company plans to use in-house chips for its Mac computers rather than chips from Intel.
• Additionally, DigiTimes reported on Tuesday that Apple's upcoming iPhone 12 is on track to begin production in July.
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Apple cruised to fresh all-time highs on Tuesday, joining the Nasdaq 100 as it encroaches on the 10,000 level.

Apple made the move higher following a report from Bloomberg that the company is planning to ditch Intel chips in its Mac computers and instead opt for a computer chip developed in-house.

Apple decided to make the switch away from Intel after Intel's annual chip performance gains slowed, according to Bloomberg. The company plans to announce the changes at its upcoming WWDC event so developers will be prepared for the change that should take effect in 2021.

Developing its own chips rather than relying on Intel to provide them could help improve profit margins for Apple's Mac division in the long run.

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Additionally, a report from DigiTimes on Tuesday detailed that Apple is on track to begin production of its upcoming iPhone 12 in July. The report suggested that Apple may not suffer a delay in its iPhone 12 release due to the coronavirus pandemic impacting supply chains.

Apple is set to complete the second phase of its Engineering Validation and Testing stage for its iPhone 12 lineup by the end of June, before starting July production, DigiTimes said, citing sources from Apple's Asia supply chain. Several of the iPhone 12 models are expected to include 5G capabilities, marking Apple's first 5G-enabled iPhone.

Apple is the most valuable public company in the world as of Tuesday, with its market cap hitting $1.49 trillion according to data from YCharts.

Shares of Apple traded up as much as 3.6% to $345.61 on Tuesday afternoon.