Intel shares surged in afterhours trading, hitting a record high of $69.76.

The tech giant was down 1.7% on the day.

The stock closed higher by 1.5% after it raised its dividend from 3 cents per share to 4 cents per year. 

Shares of Intel were down 2.6% in midday trading.

The chipmaker is in the midst of a multiyear turnaround as it tries to expand its server and computing business in a market dominated by Intel’s own competitors.

The company has announced plans to spin off its chip business, and it recently purchased the semiconductor firm Skyworks.

Intel shares are currently up about 12% over the last year, with the stock up about 7% this year.