Partly in response to the existence of the single-chip TMS 1000,[2] Intel developed a computer system on a chip optimized for control applications, the Intel 8048, with commercial parts first shipping in 1977.[2] It combined RAM and ROM on the same chip. This chip would find its way into over one billion PC keyboards, and other numerous applications. At that time Intel's President, Luke J. Valenter, stated that the microcontroller was one of the most successful in the company's history, and expanded the division's budget over 25%.