At the end of 2023, Intel (NASDAQ: INTC) hosted its "AI Everywhere" event, showing off new chip systems designed to take on the best of what Nvidia has to offer for data centers. Intel also showed off some new mobile chips for on-device AI too, gearing up for a battle with new laptop chips coming to market from the likes of Qualcomm.

But then Intel released Q4 2023 earnings, adding further fuel to the claim that AI is merely hype -- at least at this point -- for the old storied chipmaker. Intel's Data Center and AI (DCAI) business fell another 10% year-over-year in Q4 to $4 billion, and ended down 20% for full-year 2023 to $15.5 billion.

This isn't a new trend, either. Intel has actually been ceding data center market share to CPU rival AMD for years, and both Intel and AMD are arriving late to the data center accelerated computing party that Nvidia kicked off via its GPU last year.

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Source Fool.com