> Nvidia to Invest $5 Billion in Intel

Shares in Intel soared nearly 30% in premarket trading Thursday after Nvidia NVDA -2.62%decrease; red down pointing triangle announced it would invest $5 billion in the challenged chipmaker, giving the government’s turnaround plan a potential boost.

Nvidia said it’s buying $5 billion in Intel’s common stock at $23.28 a share and would jointly develop data center and personal computing products.

The investment pairs the world’s most valuable company, which has been a darling of the AI boom, with a chip maker that has fallen behind rivals. It further shores up Intel a month after the U.S. government said it was taking a 10% stake in an extraordinary private-sector intervention.

In addition to Thursday’s deal with Nvidia, Intel last month agreed to a $2 billion investment from SoftBank.