Intel Corp. rallied and surged in late trading after reporting blowout earnings and guidance. The Silicon Valley chipmaker’s revenue rose 25 percent in the latest quarter, representing its fastest growth in 15 years.
This growth is fueled by booming data center spending and strong demand from A.I. firms increasingly purchasing central processing units. Now an AI player, the company has not felt the worst of the memory squeeze.
Intel's revenue forecast shattered estimates, indicating that data center spending is helping fuel a long-awaited turnaround. The company expects third-quarter revenue to be between US$15.8 billion and US$16.8 billion.