Advanced Micro Devices (AMD) shares jumped 38% on Monday, their biggest rally in nearly a decade, after signing a multiyear artificial intelligence (AI) infrastructure deal with OpenAI worth tens of billions. The agreement will see OpenAI deploy six gigawatts of AMD graphics processing units (GPUs) over several years, roughly half the scale of its recent deal with Nvidia, and includes an option for OpenAI to acquire up to 10% of AMD’s stock through performance-based warrants.

AMD Chief Executive Officer Lisa Su described the partnership as the company’s largest-ever deployment and a: “massive build-out” that could generate more than $100 billion in long-term revenue. The deal positions AMD as a formidable challenger in the AI chip market, expanding OpenAI’s hardware base while reducing its dependence on Nvidia. Analysts hailed it as a milestone for AMD and a signal of the AI sector’s accelerating scale and ambition.