Nvidia said it would invest $5 billion in Intel, sending shares of the embattled chipmaker soaring Thursday. Cesc Maymo / Getty Images Close Tech stocks surged in recent trading, pushing the Dow, S&P 500, and Nasdaq to record highs. Intel (INTC) was the best-performing stock in the S&P 500 after Nvidia said it would invest $5 billion in the struggling chipmaker, and the two agreed to co-develop new data center and PC chips. Nvidia (NVDA) shares were up as well. Shares of PayPal (PYPL) and Google-owner Alpha ...

Nvidia plans to invest $5 billion in chipmaker Intel as the two Big Tech companies have agreed to co-develop data center and PC chips. The news comes on the heels of the U.S. government acquiring a 9.9% stake in Intel via an $8.9 billion investment in the company last month. Intel shares spiked 29% in pre-market trading Thursday on the news. Nvidia shares saw a 3% increase. “This historic collaboration tightly couples NVIDIA’s AI and accelerated computing stack with Intel’s CPUs and the vast x86 ecosyste ...