Intel has unveiled its new Xeon 6 processors at an advanced packaging facility in Chandler, Arizona.
The event was followed by a surge in the semiconductor sector, with Intel's market value surpassing $400 billion for the first time since the Dotcom Bubble in 2000.
Advanced Micro Devices, one of Intel's longtime competitors, also saw its shares surge by 15% following the news.
The rally was fueled by Intel's strong earnings report, which sent its shares up 23%, almost tripling the expected move implied by options markets on Thursday.
Options traders are increasingly bullish on memory stocks like Micron and Sandisk, with calls outnumbering puts near 2:1 in those stocks.