What's Behind The Move In Intel Stock Today?

Intel Corp (NASDAQ: INTC) shares are trading higher Thursday following several reports the company is in talks with NVIDIA Corp (NASDAQ: NVDA) to assist with chip manufacturing.

Intel CEO Pat Gelsinger confirmed the company is in discussions with Nvidia, according to a Reuters report. Gelsinger reportedly said Intel is "thrilled for [Nvidia's] interest in using our foundry capabilities."

See Also: Why Nvidia Looks Set to Soar To $325 After Breaking From This Key Pattern

Intel expanded its business to accommodate chips designed by others near the beginning of 2021. The company calls its expanded offering "Intel Foundry Services."

Intel shares are also seeing strength after chip manufacturing executives urged Congress to pass legislation that includes subsidies for the semiconductor industry. 

Intel designs and manufactures microprocessors for the global personal computer and data center markets.

INTC 52-Week Range: $43.62 - $68.49

The stock was up 5.3% at $50.82 at publication time.

Photo: Thomas Cloer from Flickr.