Intel stock pops as investor event details Xeon demand, timeline for lower power chip
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Intel (NASDAQ:INTC) shares gained more than 7.5% on Wednesday after the company held an investor event focused on its data center business and made several chip-related announcements, including timelines for future products.
In a presentation, Intel (INTC) said the 4th-generation Xeon chip used, which is used for data centers, had more than 450 design wins, the most ever for a Xeon chip and was being shipped by more than 50 original equipment manufacturers and original design manufacturers.
The 4th-generation chip had faced delays and allowed AMD (AMD) to capture market share.
AMD (AMD) shares rose nearly 1.5% in sympathy with the news.
The 5th-generation Xeon, previously codenamed Emerald Rapids, will be available in the fourth-quarter of the year, Intel (INTC) added.
In addition, the company's low-power chips, known as Sierra Forest, are slated to be delivered in the first-half of 2024. The next-generation chip known as Granite Rapids, which are being tested by customers now, are also set to be released in 2024.
Santa Clara, California-based Intel (INTC) also said that the next version of its low-power chip, known as Clearwater Forest, would be available in 2025.
The company also said it was working on the Intel Developer Cloud, which is slated to democratize artificial intelligence for "everyone," letting developers train and run new models. 
Earlier this week, Intel (INTC) and other semiconductor companies were asked to start giving financial projections for projects to receive funding from the U.S. CHIPs Act.