The real, sustained value creation for AMD is if their GPUs can be competitive with Nvidia for inference or training. The market is currently betting that AMD

The real, sustained value creation for AMD is if their GPUs can be competitive with Nvidia for inference or training. The market is currently betting that AMD will get that "spillover" effect from working with OpenAI to get their chips + software in a state that openAI can use at scale. So day 1 valuation is mostly hype, but that hype may translate into real value later.