Intel (intc, -0.80%) said on Wednesday that it would become a major sponsor of the International Olympic Committee, making the chipmaker the latest technology company to put marketing dollars behind the global sporting event.

The new deal, which goes until 2024, comes a week after longtime Olympics sponsor McDonald’s bowed out of its sponsorship deal early, citing a change in the company’s priorities as it tries to hold down costs.

Intel joins about a dozen global Olympics sponsors such as Coca-Cola (ko, -0.86%) and Samsung about six months after Chinese e-commerce company Alibaba (baba, +3.34%) signed on until at least 2028. The IOC has been trying to make the Olympics more technologically savvy and appeal to younger people through its online content network, the Olympic Channel.

IOC President Thomas Bach, who signed the deal with Intel’s Chief Executive Officer Brian Krzanich at a press conference in New York, said Intel’s sponsorship…