Intel stock (NASDAQ: INTC) came under pressure in Thursday’s pre-market trading as Nvidia’s leadership crisis raised questions about a strategic alliance whose original $5 billion investment is now worth more than $13 billion.
Nvidia acquired 214.78 million Intel shares in December 2025 at $23.28 each.
At Intel’s Wednesday closing price of $62.50, the holding would be worth about $13.42 billion, assuming Nvidia still owns every share.
Nvidia’s $5 billion investment becomes a $13 billion question
Intel’s regulatory filing confirms Nvidia completed its share purchase on 26 December 2025, after the companies unveiled a joint product strategy.
The investment has appreciated by approximately $8.42 billion on paper, based on Wednesday’s close. That increase does not mean Nvidia has invested more cash or realised a profit.
Intel finished Wednesday’s regular session up 7.52%, before retreating in extended trading after reports that Nvidia’s board was considering Huang’s future. Any departure remains unconfirmed.
Barron’s reported Thursday that an immediate sale of the Intel stake appeared unnecessary. A greater concern is whether new leadership would slow investments or technology agreements.
“I don’t see the next 12 to 18 months of revenue suddenly disappearing if Jensen were to leave,” Shay Boloor, chief market strategist at Futurum Equities, told Reuters.
He argued that Huang’s longer-term strategic vision would be harder to replace.
Why the partnership matters beyond Nvidia’s investment
The collaboration includes customised Intel x86 central processors linked to Nvidia’s AI platforms through NVLink technology.
Those chips would help coordinate the work handled by AI accelerators in data centres.
The companies also plan PC processors integrating Nvidia RTX graphics chiplets with Intel’s CPUs, giving Intel another way to compete with AMD in premium computers.
These products require engineering coordination. A change in Nvidia’s priorities could complicate launches even if existing agreements remain in force.
“The bigger risk is that uncertainty starts delaying orders, product launches or infrastructure investment altogether,” Charu Chanana, chief investment strategist at Saxo Bank, wrote Thursday.
There is an important limit to the deal. Nvidia has not committed to shifting production of its GPUs to Intel’s foundries.
Angelo Zino of CFRA noted when the agreement was announced in 2025 that the expanded collaboration concerned products, not a guaranteed foundry contract.
Intel therefore has a commercial opportunity, but no certainty about future manufacturing revenue from Nvidia.
Can Intel stock sustain its turnaround without Huang?
Intel’s financial results offer reasons for optimism independent of Nvidia. Third-quarter revenue rose 21% to $16.5 billion, while Data Center and AI sales jumped 78% to $7.3 billion.
But its fourth-quarter revenue forecast of $15 billion to $16 billion disappointed investors.
Weak PC demand, manufacturing constraints and a roughly $1.9 billion operating loss at Intel Foundry remain formidable challenges.
“We remain encouraged with Intel’s server CPU business and agentic AI demand,” Morningstar analyst Brian Colello wrote on 6 November, before the latest Nvidia reports.
He also warned that manufacturing shortages could constrain near-term growth and reduced his fair value estimate to $85 from $105.
Intel must turn demand for server processors into sustainable margins while continuing to fund manufacturing improvements. Nvidia’s support is valuable, but the company’s future cannot rest on one executive relationship.
Nvidia’s earnings on 17 November may offer clues about the partnership’s direction.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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