On May 7, 2026, AMD introduced the Instinct MI350P, a 600-watt, dual-slot PCIe card designed for air-cooled servers, marking its return to the PCIe format after four years of focusing on OAM modules. AMD states the MI350P beats Nvidia’s H200 NVL by as much as 43% on key AI math. The card features 144GB of HBM3E memory and a full CDNA 4 die, with a price tag reported to land in the same $30,000-to-$40,000 band as the Nvidia part. The MI350P is AMD’s first PCIe-form-factor Instinct accelerator since the MI210 launched in 2022. AMD’s data center segment posted $5.8 billion in quarterly revenue, up 57% year over year, while Nvidia’s data center business pulled in $75.2 billion in roughly the same stretch. The MI350P offers enterprise buyers a drop-in alternative to Nvidia’s PCIe silicon without requiring them to rebuild a single rack.