Intel Corp. is rolling out a new version of its artificial intelligence chip, aiming to challenge Nvidia Corp. in one of the fastest-growing parts of the semiconductor industry.

The updated processor, called Gaudi 3, will be widely available in the third quarter, Intel said at a company event early Tuesday. The chip is designed to boost performance in two key areas: helping train AI systems - a process that involves bombarding them with data - and running the finished software.