Divergent series and Serre's intersection formula for graded rings

On a smooth variety, Serre's intersection formula computes intersection multiplicities via an alternating sum of the lengths of Tor groups. When the variety is singular, the corresponding sum can be a divergent series. But there are alternate geometric approaches for assigning (often fractional) intersection multiplicities in some singular settings. Our motivating question comes from Fulton, who asks whether an analytic continuation of the divergent series from Serre's formula can be related to these fractional multiplicities. We apply work of Avramov and Buchweitz to answer Fulton's question in the context of graded rings.