AMD Rose 2% In Premarket After Surging 23.7% On Monday
Tiger Newspress
Oct 07
AMD rose 2% in premarket after surging 23.7% on Monday.
AMD 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.
The deal, latest in a string of investment commitments, underscores OpenAI and the broader AI industry's voracious appetite for computing power as companies race toward developing AI technology that meets or exceeds human intelligence.
"We view this deal as certainly transformative, not just for AMD, but for the dynamics of the industry," AMD executive vice president Forrest Norrod told Reuters on Sunday.
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