Advanced Micro Devices (NASDAQ: AMD) has made many investors bullish since the start of 2023, with its share price up over 115%. The company's rally has coincided with an explosion of interest in artificial intelligence (AI).

AMD chip rival Nvidia initially took much of the spotlight as its graphics processing units (GPUs) became the preferred hardware for many AI developers. However, Wall Street quickly took notice of AMD, with its No. 2 market share in GPUs and partnerships with many of the most prominent names in tech.

Over the last year, AMD has won over investors with competing AI GPUs, including its MI300X AI accelerator and its MI325X model, which is due to launch in Q4 2024. The company's hardware has caught the eye of multiple tech firms, and it has added Alphabet, Microsoft, Oracle, and Amazon to its list of chip customers as they each work to further their own positions in AI.

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Source Fool.com