US Stock Market Move | Intel Corporation (INTC.US) rose more than 3% to a five-year high as it expanded its partnership with Alphabet Inc. Class C in AI chip development.

On Thursday, Intel Corporation (INTC.US) opened more than 3% higher, with the stock price hitting a 5-year high and the total market value surpassing $300 billion. On the news front, Alphabet Inc. Class C (GOOGL.US) has committed to using Intel Corporation's multi-generation processors in its artificial intelligence data centers, marking a significant upgrade in the existing partnership between the two companies. According to statements released by both parties, Intel Corporation's latest generation Xeon 6 processors will handle Alphabet Inc. Class C's training and inference workloads, providing the chip giant, which has long been on the defensive in the AI chip market, with a new opportunity to compete for market share against NVIDIA Corporation's dominant position. Alphabet Inc. Class C's Chief Technology Officer for Infrastructure Amin Vahdat stated, "Intel Corporation's Xeon roadmap gives us confidence in continuously meeting the growing demands for performance and efficiency in workloads."