Putting the pedal to the metal means "Gas geben".
On the basis of that, I'd try and use terms like beschleunigen, Hochgeschwindigkeit, Geschwindigkeitsrekord (if the chip does indeed set speed records), setzt neue Maßstäbe für die Geschwindigkeit von Speicherchips, abdüsen, der Konkurrenz davonbrausen... etc.

It really depends how colloquial the overall context is (putting the pedal to the metal is quite colloquial).

Hope this gives you some ideas at least...

Of course this offering might violate the usually staid and pedantic nature of the target language in a formal setting.