AMD has truly taken off this time. When it was $125 earlier this year, some people were optimistic, and now it has surged to over $260, a gain of more than 100%. The key factor is the massive 6GW GPU order from OpenAI—OpenAI has committed to spending billions of dollars on AMD chips and may even invest in AMD to acquire up to 10% of the company.

Analysts have also responded. HSBC directly raised AMD's target price from $185 to $310, putting it on equal footing with NVIDIA. BofA also increased its target to $300. The reason is simple: AI accelerators like the MI450 are officially entering commercial use, with major clients like Oracle, Meta, and OpenAI placing orders.

The numbers are staggering: AMD's revenue is expected to exceed $33 billion in 2025 (up 28% year-over-year), and could reach $40 billion in 2026. With a 10x price-to-sales ratio compared to NVIDIA's 15x, there is still room for valuation growth. Even more impressive is OpenAI's five-year AI infrastructure plan—AMD is one of the main suppliers, meaning continuous orders in the coming years.

The chip war has entered version 2.0, and AMD has truly become a major player, no longer just a runner-up.