Shares in Intel have been recovering, thanks in part to improved PC sales – but growth plans still hinge on the cloud. About 68 million PCs were sold globally during Q3, according to IDC. Sales are down 3.9 percent year over year, but also happened to be about three percentage points better than what the firm had forecast.

The chipmaker had already raised its revenue forecast for the period, crediting most of the move to PC inventories getting restocked. Intel now expects revenue to come in at US$15.6 billion up eight percent year over year.

However, Intel is pinning its hopes for future growth in the cloud and the chips that drive it. Analysts expect this segment to deliver $4.6 billion in revenue for the third quarter, up 11 percent, though still disappointing.

Intel stock is up 19 percent over the past six months.