NVIDIA Corp. (NASDAQ: NVDA) announced plans to invest $5 billion in Intel Corp. (NASDAQ: INTC) common stock at $23.28 per share as part of a collaboration to develop AI infrastructure and personal computing products.

The companies said they will jointly develop custom data center and PC products targeting hyperscale, enterprise and consumer markets. Intel will build custom x86 CPUs that NVIDIA will integrate into its AI infrastructure platforms for data centers.

For personal computing, Intel will manufacture x86 system-on-chips that integrate NVIDIA RTX GPU chiplets. These processors will be offered to the market for PCs requiring integrated CPU and GPU capabilities.

The collaboration will connect NVIDIA and Intel architectures using NVIDIA's NVLink technology, combining NVIDIA's AI and accelerated computing capabilities with Intel's CPU technologies and x86 ecosystem.

NVIDIA's investment is subject to customary closing conditions, including regulatory approvals. The companies did not specify a timeline for product development or market availability.

"This historic collaboration tightly couples NVIDIA's AI and accelerated computing stack with Intel's CPUs and the vast x86 ecosystem," said NVIDIA CEO Jensen Huang.

Intel CEO Lip-Bu Tan said the partnership would "complement NVIDIA's AI and accelerated computing leadership to enable new breakthroughs for the industry."

The CEOs conducted a press conference to discuss the announcement. The information was provided in a joint press release from both companies.