Moore’s Law, formulated by Intel co-founder, Gordon Moore fifty years ago, holds that computing power – or effectively the capacity of the microchips that drive the power of computers – will double every two years.

Announcing the group’s second quarter results last night, current Intel chief executive, Brian Krzanich said this interval was now beginning to stretch for the first time.

Chief executive, Brian Krzanich told analysts on a conference call that while the company has "disproved the death of Moore's Law many times over," - but he believes that new improvements will now come at a slower pace.

Intel plans to introduce 10 nano millimeter wide chips in the second half of 2017, close to three years after the current 14 nano millimetre chips were launched in 2014.

The company's share price rose by 8 percent immediately after the results announcement as the group confirmed overall sales would fall slightly this year, in line with declining PC sales – but that gross profit margins had risen due to its ongoing shift to data centre and 'internet of things' markets.

Earnings per share for the quarter amounted to 57 cents. Intel’s shares closed 2 percent higher at just over €30.