Shares of Intel (NASDAQ: INTC) are flying this week, up 27% as of market close on Thursday. The jump comes as the S&P 500 and Nasdaq-100 gained 0.7% and 1.5%, respectively.
The chipmaker’s stock exploded this week after Nvidia announced a $5 billion investment and “multigeneration” partnership agreement with Intel.
On Thursday, Nvidia said it is investing $5 billion into the struggling company at a purchase price of $23.28 a share. Under the partnership terms, Intel will make custom CPUs that Nvidia will use in its AI data center platforms. Intel will also make use of Nvidia’s technology to enhance its PC offerings.