AMD hits record high buoyed by sentiment from chip supply deal with OpenAI

Shares of Advanced Micro Devices AMD.O are up 10% to $233.61 on Wed, hitting a record high, days after it announced a chip supply deal with OpenAI

AMD is on track for a third straight session of gains and a record close

AMD had announced on Monday it will supply artificial intelligence chips to OpenAI in a multi-year deal that would bring in tens of billions of dollars in annual revenue and give the ChatGPT creator the option to buy up to roughly 10% of the chipmaker

Multiple analysts including those from Jefferies, Morgan Stanley and Wells Fargo have hiked their PT for AMD's stock

Among 55 analysts that cover AMD, avg rating is "buy" and median PT is $220

AMD is now up 93.9% YTD vs NASDAQ Composite Index's .IXIC 19.2% increase