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Intel (INTC) - Get Intel Corporation Report on Tuesday announced that it was working with Facebook (FB) - Get Meta Platforms Inc. Class A Report , along with others, to introduce a chip designed for artificial intelligence.

The social media giant is "starting to take a look at (the chip's) early phase and say, 'Hey, this really could change the way we think about artificial intelligence. And help us really steer how we build software and hardware," Intel CEO Brian Krzanich said at The Wall Street Journal's WSJ D.Live conference on Tuesday. "This is the first piece of silicon. We have a whole family of silicon planned."

The move is said to be a direct counter against semiconductor giant Nvidia (NVDA) - Get NVIDIA Corporation Report , which has been developing chips for AI.

Intel and Facebook's new chip, Nervana Neural Network Processor, will expedite deep learning and is expected to hit the market on a limited basis later this year.

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Shares of both Intel and Facebook closed higher on Tuesday. 

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