Intel introduced its new AI accelerator Gaudi 3 and a groundbreaking AI chip QuantumX at the Vision 2024 conference.

Meta Platforms Inc. announced the MTIA v2, an AI chip with 3x the performance and 1.5x the power efficiency of its predecessor, and designed to outperform Nvidia's top offerings in performance per watt.

The MTIA v2 consumes significantly more power but provides up to 7x the floating point performance compared to the previous model.

Meta is employing the PyTorch framework and Triton compiler to enhance AI application development flexibility across various GPU hardware.

Both Intel and Meta are actively pushing the boundaries in the AI chip market, signaling a period of robust competition and innovation.

Nvidia's stock has shown resilience amidst market corrections, with analyst confidence high due to the company's strong position in the growing AI sector.

Nvidia's share price recovered by 2% to close at $870.39 on Wednesday, reflecting an 80% increase since the beginning of 2024 and a tripling of value over the past year.