This is especially true when that friend runs the largest cloud computing business in the world and you are a manufacturer of computer chips. That is why Intel (NASDAQ: INTC) stock soared after the company announced a new partnership with Amazon (NASDAQ: AMZN) for custom chip designs for its Amazon Web Services (AWS) subsidiary.

Shares of Intel are surging before the opening bell after the chipmaker said its foundry business would make some custom artificial intelligence chips for Amazon Web Services as it attempts to reinvigorate its business.

Fool.com contributor Parkev Tatevosian elaborates on what this recent news could mean for Intel (NASDAQ: INTC) stock investors. *Stock prices used were the afternoon prices of Sept. 17, 2024. The video was published on Sept.

While the broader Dow Jones Industrial Average ($DOWI) is trading at all-time highs, semiconductor giant Intel (INTC) is trailing the broader markets by a wide margin. The tech stock is down 70% from all-time highs after falling close to 58% in 2024.