Chief Executive Officer Lisa Su said her company’s latest AI processors can challenge Nvidia Corp. chips in a market she now expects to soar past $500 billion in the next three years. The new installments in AMD’s MI350 chip series are faster than Nvidia counterparts and represent major gains over earlier versions,

Advanced Micro Devices Inc. unveiled a new series of artificial-intelligence chips on Thursday that already have some tech giants lined up. The new accelerators could be a boost for the company as it competes with Nvidia Corp., since AMD has so far struggled to gain much ground in the massive market for the hardware that helps run AI applications.

Nvidia has emerged as an indispensable company where AI is concerned, but the lead it currently maintains is now being threatened by rivals like Advanced Micro Devices Inc. (AMD) and Huawei. Advanced Micro Devices Inc.