06:40 AM EDT, 07/12/2024 (MT Newswires) -- Intel's ( INTC ) total software and developer cloud subscription revenue could reach $1 billion by the end of 2027, Reuters reported, citing Chief Technology Officer Greg Lavender.

The company recorded over $100 million in software revenue in 2021 and since then has bought three software firms. Intel ( INTC ) currently offers software and tools ranging from cloud computing to artificial intelligence.

"I have a goal of getting to $1 billion of software and developer cloud subscription revenue," Lavender told Reuters in an interview. "I think I'm on track to hit this goal by the end of 2027 ... maybe sooner."

Lavender also said Intel ( INTC ) is seeing strong demand for the upcoming Gaudi 3 chip, which, according to Lavender, could position Intel ( INTC ) in second place in the AI chip market.

Lavender told Reuters that Intel ( INTC ) is backing open-source initiatives that aim to develop software and tools that power different AI chips and expects more breakthroughs in coming months.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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