Intel (INTC) stock is up more than 28% in pre-market trading on news of Nvidia’s investment in the company. Nvidia has announced that it will invest $5 billion in Intel, purchasing its common stock at $23.28 a share.
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In addition, the two chipmakers will partner to develop chips for data centers and PCs.
This is a game-changer for Intel, which has been struggling over the past few years, particularly in the AI arena.
The analyst consensus rating on Intel stock is a Hold. That’s likely to change after today’s news.
