Shares of Intel (NASDAQ: INTC) surged 3% as Nvidia completed a $5 billion investment, buying 214.8 million Intel shares at $23.28 each, giving Nvidia a 4.4% stake. Both companies plan to co-develop advanced chips for data centers and PCs. Despite the initial jump, Intel shares cooled down to $37.69, up 2.8% from previous close.

The market perceives this news as meaningful but not a game-changer. The excitement around artificial intelligence technology continues to boost tech stocks, with Nvidia and Broadcom leading the charge. Intel is up 86.4% YTD but still trades 13.9% below its 52-week high.

Investors are eyeing a semiconductor supplier dominating a critical AI component.

Read more at Stock Story.: Why Intel (INTC) Stock Is Up Today