LAGUNA BEACH, Calif.—Intel Corp. on Tuesday said it is working with Facebook Inc. and other firms on a coming chip specially designed for artificial intelligence, as the semiconductor giant moves to capitalize on a fast-growing market and aims a direct shot at rival Nvidia Corp.

Intel’s new chip will be among the first of a new breed of processors designed from the ground up to accelerate the popular AI technique known as deep learning, which enables computers to recognize objects in photos, words in spoken statements, and...