Intel Corp. and Micron Technology Inc. unveiled a high-speed memory chip Friday that they said was five times faster than conventional NAND flash memory chips.

The chip, developed by the companies' joint venture IM Flash Technologies, allows rapid data transfer for computing, video and photography.

The companies said the new chip can reach speeds of up to 200 megabytes per second for reading data and 100 megabytes per second for writing data, far above conventional flash chip speeds.

Flash memory can be erased and reprogrammed and is primarily used in memory cards and USB flash drives.

Intel shares rose 47 cents, or 2.2 percent, to $21.57 in premarket trading after closing at $21.10 on Thursday.

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