Amazon's third quarter 13F filing shows 158.36 million shares of Rivian, worth $2.32 billion, making it not just its largest public equity holding but almost its entire portfolio. The e-commerce giant's average buy price? $79.29 — meaning it's still down over 80% on paper.

While this deal is important for AMD, what it really signaled was that a leading generative AI company plans on using AMD's hardware. That's a big deal, as AMD's technology has always been seen as a downgrade from Nvidia.

AMD has been establishing itself as a much more formidable rival to Nvidia lately, with ChatGPT maker OpenAI planning to be a big customer and potentially even an investor in the company. The two recently announced a deal where OpenAI could end up taking a 10% stake in AMD.

Advanced Micro Devices (AMD) has emerged as the best-performing stock in the S&P 500 Index ($SPX) over the past month. Shares of the chipmaker have surged more than 56%, reaching new record highs. The rally comes as investor confidence in AMD’s role within the artificial intelligence (AI) market continues to strengthen.

Advanced Micro Devices' data center growth outlook, MI350/MI400 product impacts, China risks, and valuation vs. Nvidia. Click here to find out why AMD is a Buy.

Additionally, Nvidia stock is actually more inexpensive than AMD at the moment. AMD's 152 P/E ratio is well above Nvidia's earnings multiple of 58. While the forward P/E picture is more favorable, AMD's forward multiple of 67 is above Nvidia's at 45, a factor that could deter more conservative investors from buying AMD.

Freedom Holding analyst says the recent dip in AMD shares is worth buying. Egor Tolmachev explains why AMD stock is a better pick than Nvidia.

Advanced Micro Devices, Inc.'s Q3 earnings, AI GPU sales, and OpenAI partnership highlight future potential vs. current challenges. Click for this AMD update.

In addition to ongoing successes with processors, AMD is now selling more Radeon graphics cards again. However, the stock is falling again, likely due to Amazon.

Baird’s Tristan Gerra maintained an ‘Outperform’ rating for the stock and raised the price target to $300 from $240. ・Retail sentiment toward AMD stock shifted to ‘neutral’ by early Wednesday, following the bearish mood observed a day prior.