Intel Stock Soars 24% After Nvidia Invests in Chip Maker. What’s In It for Nvidia?

Nvidia said Thursday it would invest $5 billion in Intel at a purchase price of $23.28 a share as part of an agreement that will see the technology companies co-develop “multiple generations of custom data center and PC products.” Intel shares soared 24% to $30.76 following the announcement, while Nvidia rose 3.5%. Intel was on track for its largest same-day percentage increase in nearly five decades, according to Dow Jones Market Data.