PORTLAND, Ore. — NVIDIA said on Thursday that it will buy $5 billion worth of Intel's common stock, becoming another major shareholder in the company just weeks after the U.S. government took a 10% stake .

The tech giant, which makes artificial intelligence chips, will purchase Intel stock at $23.28 per share, it said in a joint statement . Intel shares jumped 24% to around $31 a share following news of the deal , reported CNBC.

“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," said NVIDIA founder and CEO Jensen Huang. "Together, we will expand our ecosystems and lay the foundation for the next era of computing.”

As part of the deal, Intel will build NVIDI

See Full Page