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.

Amazon's AWS cloud computing division already designs several chips for use in its data centers and has hired Intel to package at least one version.

Retail sales ticked up 0.1 percent from July to August, after jumping the most in a year and a half the previous month, the Commerce Department said Sept. 17. Online retailers, sporting goods stores,

The most significant transformation of Intel in over four decades” includes $10 billion in cost cutting and foundry business spinoff.