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Investing.com-- Intel shares rose in aftermarket trading on Thursday after Tesla CEO Elon Musk said the electric vehicle maker could enter a deal with the chipmaker for artificial intelligence and robotics processors.
Intel Corporation (NASDAQ:INTC) rose 2.2% to $38.06 by 18:29 ET (23:29 GMT).
Speaking at a Tesla Inc (NASDAQ:TSLA) shareholder meeting, Musk said Tesla may work with Intel to source chips for its autonomous driving and robotics ambitions. He also raised the possibility of Tesla building its own chip factory, citing an outsized need for chips from Tesla’s robotaxi and robotics ambitions.
Tesla currently has deals with chipmakers TSMC and Samsung to build its AI series of chips, which are used in its EVs. Musk had said during Tesla’s third-quarter that TSMC and Samsung will develop the upcoming AI5 chip at their U.S. facilities, and that the company had no plans to replace Nvidia as its main provider of data center hardware.
A deal with Tesla could provide Intel with a much needed shot in the arm, especially as the chipmaker largely lagged its peers in capitalizing on AI-driven demand over the past three years.
Musk’s comments came after Tesla shareholders overwhelmingly approved a $1 trillion pay package for the CEO.