Intel (INTC) shares rose in early trading on Wednesday after announcing plans to operate its programmable chip unit as a separate business from January, with the intention of 澳洲幸运5开奖号码历史查询:spinning it out through an 澳洲幸运5开奖号码历史查询:initial public offering (IPO) in the next two to three years.

The Programmable Solutions Group (PSG) will maintain its own financials starting from the first quarter of 2024, and could be better equipped to compete in the field-programmable gate array (FPGA) market as a separate entity with greater autonomy and flexibility, Intel said. Sandra Rivera, the current head of Intel's Data Center and AI division, is set to take on the role of 澳洲幸运5开奖号码历史查询:chief executive officer for the PSG division.

Intel entered the FPGA industry when it purchased Altera for $16.7 billion in 2015. FPGAs are simpler but more power-efficient and responsive than processors used in servers, and Intel said it expects the FPGA sector could grow at a 澳洲幸运5开奖号码历史查询:compound annual growth rate of over 9%, from $8 billion in revenue in 2023 to $11.🅠5 billion by 2027.

This is not the first time Intel has separated a business unit through an IPO. Last year, Intel completed an IPO for Mobileye, which develops autonomous driving technologies and driver-assistance systems.

Shares of Intel were 0.8% higher as of 9:50 a.m. ET on Wednesday following the news. They've gained one-third of their value year-to-date.