Intel Soars After Nvidia Makes $5 Billion Investment (4)

Nvidia Corp. agreed to invest $5 billion in Intel Corp. and said the two will co-develop chips for PCs and data centers, a surprise move to help prop up an ailing archrival that sent Intel shares soaring.

Nvidia will buy Intel common stock at $23.28 per share, the two companies said on Thursday. Intel will use Nvidia’s graphics technology in upcoming personal computer chips and also provide its processors for data center products built around Nvidia hardware.

Intel and Nvidia billed their agreement as a product hook-up that gives them the opportunity to move into areas of the computer market ...