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What: Shares of Rambus (Nasdaq: RMBS) popped today by as much as 11% after the company announced that it had settled a patent dispute with NVIDIA (Nasdaq: NVDA).

So what: The duo has inked a five-year licensing agreement while settling all outstanding patent disputes. Rambus said the deal includes a broad range of chips that its rival makes, without giving out any juicy details about financial terms.

Now what: Rambus and NVIDIA had been patent dueling since 2008, when the former said that the latter's chips infringed on its intellectual property. NVIDIA countersued, as is tradition nowadays, and the rest is history. Rambus CEO Harold Hughes said, "This is an important license agreement, as it settles our differences and allows us to move forward with NVIDIA." The news comes shortly after Rambus lost a major case against Micron Technology and Hynix, absolutely crushing shares in the process.

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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. Motley Fool newsletter services have recommended buying shares of and writing puts in NVIDIA. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.