Chip designers Nvidia and Broadcom are running manufacturing tests with Intel, two sources familiar with the matter told Reuters, demonstrating early confidence in the struggling company's advanced production techniques.

Intel shares powered higher in early Monday trading following reports that both Nvidia and Broadcom are looking to test the chipmaker's advanced AI production techniques in what could be an early and important endorsement of its nascent turnaround plans.

Intel is rising on a report that two leading AI names are running manufacturing tests using its chipmaking technology.