AMD said on Monday it will supply artificial intelligence chips to OpenAI in a multi-year deal that would bring in tens of billions of dollars in annual revenue and give the ChatGPT creator the option to buy up to roughly 10% of the chipmaker.

Chip stocks jumped in morning trading. AMD rose 31%; Micron and Super Micro Computer rose 6%; Lam Research and TSMC rose 5%; Marvell Technology, Applied Materials, KLA-Tencor, and Intel rose 4%; Arm and Western Digital rose 3%; ASML rose 2%; while Nvidia fell 0.5%.