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Investing.com - Intel’s (NASDAQ:INTC) server processor deployments on cloud platforms grew at a steady pace in August, as the semiconductor group was bolstered by a "meaningful ramp" in its latest-generation processor, according to analysts at KeyBanc Capital Markets.
Citing its tracker of the proliferation of chip architectures, the KeyBanc analysts said Intel’s processor deployments rose by 2% month-on-month, matching the rate set in July and up 14% versus a year ago.
Growth was especially notable in Granite Rapids, Intel’s processor designed to maximize performance for high-level computational tasks, including the acceleration of artificial intelligence inference workloads.
Instances -- a server resource provided by third parties on a cloud platform -- of Granite Rapids in particular surged by 84% month-on-month to 851, the analysts said. Of these total instances, 120 were deployed on Amazon Web Services and 731 on Alibaba’s cloud service.
In a note to clients, the KeyBanc strategists suggested that the Granite Rapids data points to a "meaningful roll-out" of the technology that has allowed Intel to "gain [market] share" versus rival AMD.
Shares in Intel were little changed in premarket U.S. trading on Wednesday. The stock has risen by more than 24% so far this year, with investors eyeing an ongoing push by new CEO Lip Bu Tan to overhaul the business following years of management blunders through actions like divesitures and lay-offs.
In July, Intel said it expects to post a third-quarter loss per share of $0.24, deeper than Wall Street estimates of $0.18 per share, as the company also grapples with customers wary to make spending commitments during a time of broader economic uncertainty.