Advanced Micro Devices Inc. (AMD) saw a surge in stock value, hitting a new all-time high on Wednesday. Investors are optimistic about AMD becoming a major competitor to Nvidia Corp in AI technology. The company reached a 52-week high of $235.87 and closed at $235.56, following a partnership announcement with OpenAI to supply GPUs.

The partnership with OpenAI is expected to generate “tens of billions of dollars” in revenue for AMD. CFO Jean Hu stated that the deal will benefit both companies strategically and financially, contributing significantly to AMD’s earnings per share. While AMD shows promise, other AI stocks may offer higher returns with lower risks.

For more investment insights, check out our reports on stocks that could double in three years and hidden AI stocks worth buying now. This article was originally published on Insider Monkey.

Read more at Yahoo Finance: Advanced Micro (AMD) Hits All-Time High as AI Optimism Soars