Intel(INTC) is in the news as its stock price soars in response to its “AI Everywhere” event. The tech giant also seems to have gotten a major boost from the Federal Reserve’s decision to keep interest rates steady yesterday.
Intel Corp’s share price rose as much as 5.6% on Thursday after the company launched its latest computer processors designed to run artificial intelligence workloads locally on PC. These Intel products could make AI tech more accessible to consumers, while the chipmaker benefits from the AI boom.
As of 12:45 PM on Thursday, the stock was up 2.5% after climbing as much as 5.6% earlier.
The latest generation of the Intel Core Ultra processors launched on Thursday. Intel said in a statement that the new mobile processors “will power more than 230 of the world’s first AI PCs" through partnerships with Dell Inc. (DELL), Alphabet Inc.'s (GOOGL) Google Chromebook, HP (HPQ), and Microsoft Corp.'s (MSFT) Surface, among others.
Intel Corp’s CEO Pat Gelsinger said at the “AI Everywhere “ event on Thursday “Intel is on a mission to bring AI everywhere through exceptionally engineered platforms, secure solutions and support for open ecosystems. Our AI portfolio gets even stronger with today’s launch of Intel Core Ultra ushering in the age of the AI PC and AI-accelerated 5th Gen Xeon for the enterprise,”
Besides AI processors, Intel also launched its new 5th gen Intel Xeon processors for data centres, designed to power “demanding end-to-end AI workloads.” The new Xeon processors are “software-and platform compatible” with the previous generation of Xeon’s processors so that existing users can easily transition to the new ones.
The AI-focused product launch comes as Intel gears up amidst the AI boom to compete with titans like NVIDIA(NVDA) and Advanced Micro Devices(AMD).