Intel (NASDAQ: INTC ) is best-known as a hardware company. However, news today around its push into software sent INTC stock nearly 3% higher to close out Friday trading.
Intel, with the United States government and EU help, is investing over $100 billion into semiconductor chip fabrication and aims to become 2nd to TSMC for chip production by 2030. Intel estimates that global semiconductor production will double by 2030. $15 billion worth of semiconductor business has signed on with Intel by large names such as Microsoft. Concerning GPUs, Intel is readying a new GPU called "Battlemage".
Chief Technology Officer Greg Lavender said that he is on track to reach a goal of getting to $1 billion in software sales by 2027., Reuters reported.
Intel's CTO just predicted the company's budding software division will be a $1 billion business in 2027. Intel's sales totaled more than $54 billion last year.
Intel stock is down close to 30% this year.
Intel is finally gaining traction in 2024 after underperforming for the better part of the last several years.
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Intel's push into software is going well and the company could have cumulative software revenue of $1 billion by the end of 2027, Chief Technology Officer Greg Lavender told Reuters.
Israeli construction technology startup Buildots said on Thursday it had received a $15 million investment led by Intel Capital to help it grow.
Artificial Intelligence, or AI, has been the hottest sector in the stock market. Since OpenAI released ChatGPT in November 2022, it has been a race to develop the best and smartest generative AI platforms.
The lion's share of stock market attention has centered around the technology sector, particularly with stocks exposed to the artificial intelligence race in its breakthroughs and adoption across the global economy. However, not all stocks are equal in that race; some have gotten more attention and capital, especially in the first half of 2024.
Leading the AI chip race, we all know Nvidia (NASDAQ: NVDA ) is king. Its competitors like Intel (NASDAQ: INTC ) may not be completely out of the picture.