Shares of AMD surged in pre-market trading after announcing a multi-billion deal with OpenAI. OpenAI will take a stake in AMD worth up to 160 million shares, or roughly 10% of the company. The deal is expected to bring in tens of billions of dollars in revenue for AMD.

AMD’s chief rival Nvidia recently invested $100 billion in OpenAI, which is currently valued at $500 billion. AMD’s stock has underperformed Nvidia’s in the past year, but both companies have seen significant stock price increases in the last 6 months. The AI bubble and its impact on industries are a growing concern.

Jeff Bezos stated that while there may be an AI bubble, the technology will still benefit industries and consumers globally. For more technology news impacting the stock market, visit Yahoo Finance. Email Daniel Howley at [email protected] or follow him on Twitter at @DanielHowley.

Read more at Yahoo Finance: AMD stock rockets more than 35% on OpenAI deal