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Nvidia said it will invest $5 billion in Intel as part of a deal to co-develop data center and PC chips with the troubled chipmaker, which took on the U.S. government as an investor last month.

Nvidia is investing its stake at a price of $23.28 a share, a release from the company said. Intel shares jumped 33% to around $33 a share in premarket trading following news of the deal. Stock Chart Icon Stock chart icon

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"This historic collaboration tightly couples NVIDIA's AI and accelerated computing stack with Intel's CPUs and the vast x86 ecosystem -- a fusion of two world-class platforms. Together, we will expand our ecosystems and lay the foundation for the next era of computing,"

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