Intel, the tech company that makes semiconductor chips, unveiled its 13th-generation chips on Tuesday at its annual Innovation event in San Jose, CA as it tries to compete with companies like Nvidia and AMD.

Their newest product, The IntelArc A770 GPU, which the company is marketing as a high-end PC graphics card, comes at a relatively affordable price of $329 and hits the market on Oct. 12.

The company said the new chip transforms the PC gaming experience with improved frame rates and ray tracing performances. Formerly codenamed Raptor Lake, the new chip line is called the Intel Core i9 13900K. CEO Pat Gelsinger touted the desktop processor family as "the fastest desktop processor ever built" on Tuesday.

The chip features 24 processing cores, with eight performance cores and 16 dedicated efficiency cores. According to the company's estimates, its new product line outperforms competitors by nearly 65%. The price point of the A770 puts the chip on par with NVIDIA's RTX 3060, while most graphics cards retail for over $300 or more. Gelsinger said the move was intentional.

"For a long time, we've been seeing the average price of GPUs is right in this $200 to $300 range. But what's happened in the last few years? They've just gotten super expensive, and we don't think they need to," he said.

Previously a leader in the chip market, Intel has lost its footing to AMD, trailing behind its competitor in market capitalization on at least two occasions. Intel delivered underwhelming results in its second quarter financial report in July.

"This quarter's results were below the standards we have set for the company and our shareholders. We must and will do better," Gelsinger said in a statement.

He cited the company's execution and reduced demand for chips as factors behind the lost revenue, an estimated $11 billion.

Intel's share price at Tuesday's market close was down 0.30% at $26.89.

Intel Chip