US stocks hit fresh records on Thursday after Nvidia announced a $5 billion investment in Intel, sparking a rally in chip stocks. Intel, Synopsys, and ASML were among the top movers. Nvidia shares rose 3%, while Intel soared as much as 28%, with Nvidia up 30% for the year and Intel up about 53% year-to-date. The two chip giants will jointly develop custom products, integrating each other’s chips into AI infrastructure and PC systems. Analysts see this as a game-changer for Intel in the AI game. The news comes after a disappointing Fed rate cut on Wednesday. Investors had already priced in the cut, leading to a “sell the news” reaction in the market.

Read more at Yahoo Finance: Stocks are setting new highs once again after Nvidia’s blockbuster Intel deal