Does AMD Have an OpenAI Problem?

2026-03-02 17:20:00 ET

Advanced Micro Devices (NASDAQ: AMD) stock is coming off an impressive year in 2025 when its shares soared 77% and flew past rival Nvidia , which gained 39%. It's not often that AMD outshines its much larger rival, but with the chipmaker generating some strong growth and launching next-gen chips that have investors hopeful can take market share from Nvidia, the stock took off.

This year, however, as investors have been growing concerned about high levels of spending on all things related to artificial intelligence (AI), AMD's stock has declined by 8%, while Nvidia has fallen by just 2%. You can point to its oversized gains last year as a possible reason for the steeper decline, but there could also be another reason investors are a bit more concerned with AMD: its close relationship with OpenAI.

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