Advanced Micro (AMD) Hits All-Time High as AI Optimism Soars

We recently published 10 Big Names With Explosive Growth.Advanced Micro Devices Inc. (NASDAQ:AMD) is one of the best performers on Wednesday.

Advanced Micro extended its winning streak to a third consecutive day on Wednesday, hitting a new all-time high, as investors gobbled up shares on expectations that it would become the largest rival to the largest AI enabler, Nvidia Corp.

In intra-day trading, Advanced Micro Devices Inc. (NASDAQ:AMD) soared to its highest 52-week record of $235.87 before trimming marginal gains to finish the day just up by 11.37 percent at $235.56 apiece. This followed news earlier this week that it secured a multi-year partnership with OpenAI—one of the pioneers in the industry—to supply 6 gigawatts of AMD GPUs and power its next-generation infrastructure over the next few years.

While the total amount of the partnership was not disclosed, Advanced Micro Devices Inc. (NASDAQ:AMD) announced targets of generating as much as “tens of billions of dollars” in revenues from the deal.

“Our partnership with OpenAI is expected to deliver tens of billions of dollars in revenue for AMD while accelerating OpenAI’s AI infrastructure buildout,” Advanced Micro Devices Inc. (NASDAQ:AMD) CFO Jean Hu said.

“This agreement creates significant strategic alignment and shareholder value for both AMD and OpenAI and is expected to be highly accretive to AMD’s non-GAAP earnings-per-share.”

While we acknowledge the potential of AMD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.