According to a Bloomberg report, Apple would begin the switch as soon as 2020 and make the transition in phases. Apple has increasingly been relying on its own chips as it seeks to optimize the performance of its own devices and reduce costs.
Apple's Mac line-up of personal computers rely on Intel chips as their main processors, with the Mac Pro and iMac Pro line using the Intel Xeon, the iMac using Intel Core i5 and i7 processors and MacBooks using versions of the Intel Core i5, Core m3 and Core i7.
Overall, Apple contributes about 5% of Intel's annual revenue, according to Bloomberg. Intel's stock decline on Monday trimmed almost $15 billion from the chipmaker's market cap. Its shares are still up 6% for the year, however.
Apple shares were down 0.7% on Monday, less than the Nasdaq's sharp 2.7% fall.