1. OpenAI partners with AMD to co-develop LLM-optimized chips, challenging Nvidia's dominance in AI hardware; 2. AMD's data center sales surge with new MI400/MI450 GPUs and Helios solutions, driving margin expansion; 3. Despite rapid growth and strategic AI tailwinds, AMD trades at a relatively low 24.9x 2026e P/E, offering undervalued exposure to AI growth.