03:15 PM EDT, 06/05/2024 (MT Newswires) -- Intel ( INTC ) is partnering with South Korea's Naver to expand an open-platform software system based on the US company's Gaudi artificial- intelligence accelerator, according to multiple media reports Wednesday.

The partnership was announced at Intel's ( INTC ) AI conference in Seoul.

"We have a fundamental view that open ecosystems enable better competition and better competition enables innovation," Justin Hotard, Intel's ( INTC ) executive vice president and general manager of data center and AI, said at the conference, according to the Korea Times.

The companies aim to counter Nvidia's ( NVDA ) dominance in the AI chip market.

"The monopoly situation needs to change in order to grow the market's own pie and address the AI gap that the GPU supply chain is creating," said Ha Jung-Woo, head of Naver's Future AI Center, according to Bloomberg.

Shares of Intel ( INTC ) rose 2.3% in recent trading Wednesday. Nvidia ( NVDA ) jumped 5% after earlier reaching a record with a market capitalization topping $3 trillion.

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