Intel Corporation ( INTC ) stock is trading higher Friday after the chief technology officer reportedly stated it is targeting a cumulative software revenue of $1 billion by the end of 2027.

What To Know: The chief technology officer Greg Lavender told Reuters, “I have a goal of getting to $1 billion of software and developer cloud subscription revenue,” he said. “I think I’m on track to hit this goal by the end of 2027 … maybe sooner.”

Lavender stated that his approach is to concentrate on offering services in AI, performance and security. These are all areas that Intel ( INTC ) has been investing in already.

In addition, the chief technology officer mentioned potential demand for Intel’s pending AI chip Gaudi 3. The company is also backing open-source projects aimed at developing software and tools capable of powering various AI chips, with further advancements anticipated in the coming months.

In 2021, Intel ( INTC ) earned $100 million in software revenue. The company has since acquired three software companies.

How To Buy Intel Corporation Shares

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Intel ( INTC ) 's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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INTC Price Action: At the time of publication, Intel ( INTC ) stock is trading 3.52% higher at $34.68 per data from Benzinga Pro.

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