At AMD's investor event on Wednesday, Meta, OpenAI, and Microsoft announced that they would be using AMD's latest artificial intelligence chip, the Instinct MI300X. This marks the most significant indication of tech companies seeking alternatives to Nvidia's graphics processors. The MI300X features a new architecture and boasts 192GB of high-performance memory HBM3. AMD hopes that this chip will reduce the cost of developing AI models and exert competitive pressure on Nvidia's AI chip sales. Over the next four years, AMD forecasts that the AI GPU market could reach a size of $400 billion.