> Nvidia announced that it will buy $5 billion in Intel common stock at $23.28 per share, representing a roughly 5% ownership stake in Intel. (Intel stock is now up 33% in premarket trading.)

Why/how is INTC premarket up from $24.90 around 30% (to $32), when Nvidia is buying the stock at $23.28 ? Who is selling the stock?

I suppose the Intel board decided this? Why did they sell under the current market price? Didn't the Intel board have fiduciary duty to get as good a price from Nvidia as possible? If Nvidia buying stock moves it up so much, it seems like a bad deal to sell the stock for so little.

It's typical in these situations that the price per stock is negotiated, with current SP as a starting point. It's fairly unusual, I think, for the company selling stock to get a price significantly higher than market price. It's more typical that there's a slight discount. At least that's been the case for every stock I owned where dilution has occured. We also don't know yet when exactly this deal was negotiated and approved, so it's hard to actually say. Considering where INTC has been very recently(below $20), $23.28 seems very reasonable to me.

The reason the stock surged up past $30 is the general market's reaction to the news, and subsequent buying pressure, not the stock transaction itself. It seems likely that once the exuberance cools down, the SP will pull back, where to I can't say. Somewhere between $25 and $30 would be my bet, but this is not financial advice, I'm just spitballing here.