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Nvidia has agreed to invest $5bn in Intel as part of a deal to develop chips for PCs and data centres. Here's what we know about the unlikely partnership between Silicon Valley rivals.

The latest AI-driven tech reordering: The deal comes a month after the US government agreed to take a 10 per cent stake in Intel, as President Donald Trump's administration looks to secure the future of American chip manufacturing amid a global competition to lead in artificial intelligence. However, the pair's announcement includes no broader plan for Nvidia to use Intel's foundry to produce its chips. Intel's manufacturing business, which is losing billions of dollars a year and struggling to secure external customers, is seen as vital to US technological sovereignty.

What the experts said: Bernstein analysts suggested the $5bn investment from Nvidia was a gesture that allowed it to avoid committing to using Intel's foundry, as the US government seeks to support the troubled company. Geoff Blaber, chief executive of analyst group CCS Insight, said: "This is a not just a lifeline but a strategic alignment that offers Intel a much clearer future."

Rivalry set aside: While Intel and Nvidia's chips have sat side by side in computing equipment for decades, they have maintained a more than 30-year rivalry. "Make no mistake. Intel is out to get us and put us out of business," Huang is reported as telling his staff in 1998, according to a recent book on the company, The Nvidia Way. "Our job is to go kill them before they put us out of business."

Read more about the collaboration between the longtime rivals.

1. China is dropping an antitrust probe into Google, as Beijing and Washington step up negotiations over TikTok, Nvidia and trade. The decision signals a tactical recalibration by Beijing, which is now concentrating its regulatory firepower on Nvidia, the world's most valuable chipmaker, as a point of leverage in US-China trade talks, according to two people briefed on the move.

2. Hyundai chief executive José Muñoz has called for new visas for short-term work travel in the wake of an immigration raid on its facilities in Georgia. The hundreds of South Korean labourers who were deported had specialised skills that the company could not find in the US, Muñoz said yesterday. While the group maintained its commitment to completing the project, it said its work would be delayed.

3. India's capital markets regulator has cleared the Adani Group of fraud allegations that were included in a report by a US short seller more than two years ago. Gautam Adani's infrastructure conglomerate said the two rulings announced by the Securities and Exchange Board of India gave it a "clean chit" after now-defunct Hindenburg Research first published the damaging market manipulation allegations in January 2023.

4. Donald Trump said he wants Bagram air base in Afghanistan to be returned to US control, in a move that would restore American involvement in the country it withdrew from four years ago. During a joint press conference with UK Prime Minister Sir Keir Starmer, Trump cited the base's strategic location: "It's an hour away from where China makes its nuclear weapons." Read the full story.

5. A number of US marina businesses are exploring full or partial sales as their private equity owners look to cash in on a rising demand from superyachts. Private equity groups are increasingly viewing marinas, historically a fragmented industry dominated by independent operators, as a fertile ground for their roll-up strategy.

While attention has been focused on Gaza, Israel has been grabbing swaths of land and destroying refugee camps in the West Bank. It is expanding settlements, building walls and deepening its military presence in the territory, undermining the delicate architecture of governance built up over three decades through the Oslo peace accords. Read more on how Israel is dismantling the dream of a Palestinian state.

Chile is grappling with plummeting birth rates, outpacing the decline seen over several decades in many wealthier countries such as Japan.

Go around the world in 15 coffee-shop trends. FT correspondents spill the beans on their patches' java scenes, from omakase-style epics in Tokyo and New York laundromat-cum-coffee shops to the relentless global march of matcha.

FirstFT: Nvidia throws Intel a $5bn 'lifeline'