Advanced Micro Devices said on Thursday it plans to start mass production of a new version of its artificial-intelligence chip called the MI325X in the fourth quarter of the year, as it seeks to bolster its presence in a market dominated by Nvidia.

The new MI325X chip and the next generation MI350 chip, planned for next year, could be in high demand as AI growth continues at a rapid pace.

Key Takeaways Shares of Advanced Micro Devices tumbled Thursday as the chipmaker's new AI lineup failed to excite investors who are eager to see the company take on Nvidia.The stock has run into selling pressure near the upper trendline of a descending channel,