The article hints at it, but my guess would be this investment is intended towards Intel foundry and getting it to a place where NVIDIA can eventually rely on them over TSMC — and the ownership largely to give them upside if/when Intel stock goes up on news of an NVIDIA contract etc. It isn’t that uncommon of an arrangement for enterprise deals of such a potential magnitude. Long-term, however, and without NVIDIA making the call that could definitely have the effect of leading to Intel divesting from directly competing in as many markets, ie Arc.

For context, I highly recommend the old Stratechery articles on the history of Intel foundry.