Chip maker Intel announced on Wednesday that it plans to ship its new line of server chips earlier than expected. As a result, the company’s stock has seen its biggest one-day gain since November.
Intel’s Executive Vice President Sandra Rivera shared that the company has already sent out samples of its Sierra Forest chip with 144 processing cores and plans to start shipping them to customers on a regular basis in 2024. Also, its Clearwater Forest processors, made with Intel’s new 18A process technology, will roll out in 2025.
The arrival of the chips earlier than experts predicted and the shift to new technology have been seen as a positive step forward by analysts. The news also got the intention of investors, who sent Intel’s stock surging after the announcement.
The company’s stock saw a 7 percent jump compared to Tuesday’s price of 29.29 and closed at $31.52 per share on Wednesday. Intel’s shares are now almost 18 percent up year to date.
Once an industry leader, Intel has lost a significant share of the market in recent years to rival AMD (Advanced Micro Devices). Some of its biggest clients, like Amazon, started making their own chips, handing an additional hit to the company’s business. By introducing advanced technology and offering its new products ahead of time, Intel now hopes to reverse its fortunes and start working its way to the top again.