0:00 0:00 1x

This is read by an automated voice. Please report any issues or inconsistencies here .

OpenAI bestowed its blessings and backing on another tech company Monday, inking a deal with chipmaker Advanced Micro Devices, instantly making it one of the hot companies investors hope will be at the forefront of the artificial intelligence boom.

The shares of AMD soared more than 30% after the company behind ChatGPT said it plans to take up to a 10% stake in the chipmaker. This marks the latest example of Sam Altman’s multibillion-dollar deal-making frenzy that’s reshaping the American chip industry, where the upstart OpenAI seems to have the power to pick new winners, revive laggards and move public markets through its partnerships.

According to the multiyear deal, OpenAI will

See Full Page