Intel Corp. shares surged for the second straight day after the troubled chipmaker made a raft of announcements, spurring optimism that a turnaround plan is starting to bear fruit.

Shares of Intel are surging before the opening bell after the chipmaker said its foundry business would make some custom artificial intelligence chips for Amazon Web Services as it attempts to reinvigorate its business.

According to Gelsinger, spinning off Intel Foundry as a fully independent subsidiary will enable it to evaluate independent funding sources. The decision was made days after Gelsinger and other executives met with Intel’s board of directors to assess the future of the company.

Intel Corp. Chief Executive Officer Pat Gelsinger has landed Amazon.com Inc.’s AWS as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker.

The two companies will co-invest in making "fabric chips" that will be built in a new factory under construction outside Columbus, Ohio.

The partnership, which the companies describe as a multi-year, multi-billion-dollar co-investment, comes as Intel continues to build out its $28 billion chip manufacturing complex in New Albany.

Intel Corp. has made a raft of announcements over the past 24 hours in an effort to prove that a turnaround for the troubled chipmaker is starting to bear fruit.

Intel is making two new AI-capable chips for Amazon's cloud computing unit, including one based on Intel's Xeon 6.

The announcement comes after Intel secured up to $3 billion in direct funding under the US CHIPS and Science Act.

German Chancellor Olaf Scholz said on Tuesday that Intel is committed to its plan to build plants in eastern Germany despite the U.S. chipmaker saying that it is delaying construction by two years as part of its cost-cutting plans.