AMD jumps after announcing multi-year deal with OpenAI

** Shares of chipmaker Advanced Micro Devices AMD jump 23% to $202.76 premarket

** AMD says it will supply AI chips to OpenAI in a multi-year deal that would bring in tens of billions of dollars in annual revenue

** Deal gives OpenAI the option to buy up to roughly 10% of the chipmaker.

** AMD executives expect the deal to net tens of billions of dollars in annual revenue

** Because of the ripple effect of the agreement, AMD expects to receive more than $100 billion in new revenue over four years from OpenAI and other customers

** AMD shares on track to open at the highest level since March 2024, if premarket gains hold

** AMD shares up ~36% YTD