Nvidia acquires $5 billion Intel stake in landmark agreement

Nvidia has acquired $5 billion worth Intel shares, as reported by the American semiconductor firm in a filing on Monday.

The leading AI US-based chipmaker company said in September it would carry out a transaction worth $23.28 per share for Intel common stock, as reported by Reuters.

The September deal is considered as a significant financial lifeline for the chip designer after it deals with years of missteps during the production capacity.

In a major move, the chipmaking firm has bought over 214.7 million Intel shares at the prices done in the September agreement through a private sale.

Earlier this month, the US antitrust regulators reviewed the deal and gave Nvidia permission for buyout as the company complies with all competition laws.

Following the news, Nvidia shares declined by 1.3 percent in premarket trading on Monday morning. However, Intel’s stock price stayed mostly the same.