2023-10-26 13:48:17 ET
Intel Corporation (NASDAQ: INTC) is reportedly working on AI apps similar to ChatGPT. Its shares are still in the red at writing.
Intel has partnered with consulting firms
Anonymous sources told The Information on Thursday that the multinational has come together with a bunch of consulting firms to make ChatGPT-like apps for “customers that don’t have the expertise to do it on their own.”
Among names that it’s working with on the nascent business is Boston Consulting Group, the reported added.
Note that Intel Corporation is scheduled to report its Q3 financial results today, after the bell. Consensus is for it to earn only 3 cents a share this quarter versus 59 cents per share a year ago.
INTC has lost close to 20% in less than two months.
Watch here: https://www.youtube.com/embed/xhKZ5MomIss?feature=oembedIntel Corporation has lagged in AI chips
Intel has also made its app-building software available to purchase for the corporate customers, as per The Information. The Nasdaq-listed firm is expected to make the official announcement by year-end.
The new direction suggests Intel is not giving up on expanding its footprint in artificial intelligence even though it has significantly lagged in AI hardware (chips). Earlier this week, Nvidia and AMD were reported considering switching from Intel to Arm-based PC chips.
On the plus side, though, the California-based company has recently launched the industry’s first AI PC acceleration programme aimed at activating artificial intelligence on more than 100 million personal computers worldwide by 2025.
1/ ¿¿? #Intel is propelling developers toward creating AI-driven PC apps to harness the potential of its upcoming Core Ultra mobile chips. The new initiative, the AI PC Acceleration Program, is a leap towards enhancing AI capabilities on PCs. ¿¿ #AIPCAcceleration #CoreUltraChips pic.twitter.com/49T3gijS1h
— Bitvero Digital Marketing Company (@Bitverodigital) October 25, 2023
Wall Street currently has a consensus “hold” rating on Intel stock.
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