Chip designers Nvidia and Broadcom are running tests on Intel’s 18A manufacturing process, it was reported on Monday.

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.

The two tests, which have not been reported previously, indicate the companies are moving closer to determining whether they will commit hundreds of millions of dollars' worth of manufacturing contracts to Intel.