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Nvidia will invest $5 billion in its competitor Intel to further intertwine Nvidia’s AI-boosting chips and Intel’s x86 architecture and CPUs. The companies will work together on several generations of data center and PC infrastructure, both companies announced on Thursday.

Nvidia, the semiconductor company powering the artificial intelligence revolution, said it was buying a $5 billion stake in its ailing rival Intel. The two companies will also begin a partnership to develop chips together for PCs and data centers.

Intel and Nvidia announce a huge partnership to jointly develop multiple generations of consumer CPU and data center products. Nvidia is also investing $5 billion in Intel.

Nvidia's multibillion-dollar commitment to Intel should be viewed as a major vote of confidence for the legacy chip business.

Nvidia on Thursday unveiled plans to invest $5 billion in Intel , offering a fresh lease of life to the crisis-hit chipmaker, which has struggled to turn itself around after a series of missteps.

NVIDIA has today announced it will invest $5 billion in Intel as part of a new collaboration between the two companies. In a statement, NVIDIA said it would work with its ailing rival to “jointly develop multiple generations of custom data center and PC 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.