In a major collaboration that would have been hard to imagine just a few years ago, Nvidia announced today that it was buying a total of $5 billion in Intel stock, giving Intel's competitor ownership of roughly 4 percent of the company. In addition to the investment, the two companies said that they would be co-developing "multiple generations of custom data center and PC products."
Nvidia has agreed to buy a $5 billion stake in Intel as part of a broader deal to together develop "multiple generations" of data center and PC products. Nvidia will acquire the Intel stock for $23.28 per share, a slight discount on the companies previous trading price. According to Reuters, the deal would make Nvidia one of Intel's largest shareholders, owning about 4% of the company. Intel shares were up as much as 30% in early trading on Thursday morning.