Nvidia said on Thursday that it would buy $5 billion worth of Intel’s common stock, becoming another major shareholder in the beleaguered company just weeks after the US government took a roughly 10% stake.

Nvidia and Intel will team up to work on custom data centers that form the backbone of artificial intelligence infrastructure as well as personal computer products, Nvidia said in a press release. Nvidia also said it's investing $5 billion in the common stock of Intel,

Nvidia, the world's leading chipmaker, announced on Thursday that it's investing $5 billion in Intel and will collaborate with the struggling semiconductor company. The two companies will team up to work on custom data centers that form the backbone of artificial intelligence infrastructure as well as personal computer products,

Shares of Intel soared more than 30% ahead of the opening bell, continuing a head-spinning ride for the technology giant. Nvidia, the world's most valuable company, said that it's buying $5 billion in Intel's common stock at $23.

The news that Nvidia was investing $5 billion into Intel and that Intel would incorporate Nvidia technology into its system-on-chips for personal computers impacted two other major chip stocks. For ASML,

KEY TAKEAWAYS Nvidia is investing $5 billion in Intel and will co-develop chips for PCs and data centers, the companies announced Thursday.Nvidia said it will buy Intel common stock at $23.28 a share,

Nvidia said it will invest $5 billion in Intel as part of a deal to co-develop data center and PC products with the troubled chipmaker which took on the U.S. government as an investor last month

An announcement that it would invest $5 billion in peer chip maker Intel boosted shares, too. Intel stock soared nearly 30% on the news. Futures tracking the S&P 500 and tech-heavy Nasdaq were up 0.8% and 1.