Meta Platforms, Inc. (META.US) plans to begin production of its AI chip codenamed "Iris" starting in September, Reuters, citing an internal memo, reported. The chip is Meta's fourth-generation Meta Training and Inference Accelerator (MTIA).

Meta hopes to use the chip to enhance AI performance on its Facebook and Instagram social media platforms. The memo showed that testing of the chip took only six weeks and no major issues were identified.

The chip was designed by Meta based on its own requirements, with Broadcom Inc. (AVGO.US) providing design assistance, while manufacturing is handled by Taiwan Semiconductor Manufacturing Company Ltd. (TSM.US).

For Meta, the main purpose of developing in-house chips is to supplement existing GPU resources, reduce AI infrastructure costs, and lessen dependence on NVIDIA Corporation (NVDA.US) and Advanced Micro Devices, Inc. (AMD.US).
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