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, the world's largest chip maker, said Monday it has developed a low-voltage transistor that will enable a new generation of faster processors within the next five to 10 years.

The Santa Clara, Calif., company said the new transistors, which act like switches controlling the flow of electrons inside a microchip, could complete 400 million calculations in the blink an eye or finish 2 million calculations in the time it takes a speeding bullet to travel one inch. These transistors could enable processor chips operating as fast as 10 gigahertz and requiring less than one volt to operate. In contrast, today's fastest Pentium 4 processor operates at 1.5 gigahertz.

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One possible application for such powerful microprocessors could be instantaneous, real-time voice translation, Intel said.

Shares of Intel were recently up $1 to $35 in