The artificial intelligence (AI) wars are heating up. Software companies are battling it out for consumers' attention, but hardware giants are also jostling for position in what could become a multitrillion-dollar revolution for global data centers. 

Advanced Micro Devices (NASDAQ: AMD) held its data center and AI technology event on June 13, where it revealed its long-awaited MI300 chip designed for AI workloads. Its goal is to snatch some of the dominant market share in this segment currently held by its key competitor, Nvidia (NASDAQ: NVDA). 

The new MI300 chip is already slated to power the world's fastest supercomputer, which is expected to come online later this year, but AMD might be set to score an even more lucrative customer. Here's why investors will want to add AMD stock to their portfolios right now.

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Source Fool.com