Preempting the scheduled news conference to be hosted by BMW Group, Mobileye (MBLY) and Intel (INTC) - Get Report  on Friday, details broke late Wednesday about the companies' pending announcement about self-driving technology.

Intel is working with Mobileye to develop self-driving car technology for BMW, Bloomberg reported Wednesday evening, citing unidentified people familiar with the matter.

The news is big for the semiconductor company that has long been too highly levered to the computer industry, said TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS Charitable Trust.

Intel shares rose 1.9% in trading Thursday, while Mobileye soared 11.2%. 

The news brings BMW onto the track with Elon Musk's Tesla Motors (TSLA) - Get Report , whose highly anticipated Model 3 is scheduled to hit the market in late 2017 and has drawn widespread speculation as to whether it could be the first fully autonomous vehicle on the market.

The Model 3 will undoubtedly have some level of self-driving capabilities, though Musk hasn't yet revealed how far ahead from Tesla's previous vehicles those capabilities will be.

Mobileye and BMW will attempt to break into the autonomous market with the help of Intel.

The deal is a solid endorsement of Mobileye technology, but is most promising for Intel, however, according to Cramer. 

"Intel is becoming less and less of a PC company," he explained. "[CEO] Brian Krzanich is turning that company upside down in order to be able to get some growth, and I don't blame him. To be levered just to the PC industry is terrible."

Cramer also noted Intel is looking to sell its antivirus software unit, formerly called McAfee, as reason to believe the company is looking to diversify away from its legacy industry. 

Meanwhile, Citigroup analyst Christopher Danely raised his price target on Intel on Thursdayto $35 a share from $31, writing that he believes Intel has won roughly 25% share of the iPhone 7 away from Qualcomm (QCOM) - Get Report .  

"Qualcomm seems to be very challenged here," Cramer said of the note. "I know that stock up from the $40s to the $50s. It has a very good balance sheet. But Intel may be a little more attractive than people realize."