The immediate catalyst: OpenAI and AMD announced a multi-year chip supply deal in which:
• OpenAI will use AMD’s upcoming MI450 GPUs to eventually deploy 6 gigawatts of compute. 
• As part of the agreement, OpenAI gets a warrant to purchase up to 160 million AMD shares at a very low price, which corresponds to up to ~10% of AMD if certain conditions are met. 
• Analysts are re-revisiting AMD’s AI potential. For example, Jefferies upgraded its rating, citing the AI deal as transformative. 
So, the market is reacting to a major validation of AMD’s role in AI infrastructure, which is a high-growth domain.
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