Advanced Micro Devices Inc. shares slid on Tuesday as investors brushed off comments by Chief Executive Officer Lisa Su that demand for the company’s products is surging.

After initially gaining nearly1%, the stock fell as much as4.4% to$211.25, marking its worst intraday decline in about three weeks.

Speaking at an event on Monday at the CES trade show, Su unveiled a new chip for corporate data centers and highlighted the performance of AMD’s top-of-the-line MI455X processor. The company has emerged as the strongest challenger to Nvidia Corp. in the market for AI accelerators, the chips used to develop and run artificial intelligence models.

Still, after AMD shares jumped 77% last year — roughly twice the pace of Nvidia — meeting investor expectations has become more difficult. Investors have also grown increasingly wary of the risk that a boom in AI-related spending could be forming a bubble.