Intel Surges After Nvidia Announces $5 Billion Investment To Develop Chips

Nvidia will invest $5 billion in Intel to jointly develop data center and PC chips, following the U.S. government’s recent investment in the struggling chipmaker, according to CNBC. Nvidia invested in Intel at $23.28 per share, while Intel stock surged 22.8% to $30.57 after the deal was announced. Nvidia CEO Jensen Huang said the Intel partnership will merge Nvidia’s AI stack with Intel’s CPUs to expand ecosystems and drive the next era of computing. Nvidia has joined SoftBank and the U.S. government in backing Intel’s turnaround. Intel had its strongest trading day since October 1987, while Nvidia shares rose 3.54% on Thursday.