Advanced Micro Devices Inc.’s stock was on pace for an all-time closing high on Monday as it climbed 30% in early morning trading after the company announced a new partnership with OpenAI. The artificial-intelligence startup now plans to buy millions of shares of AMD, which will deploy its chips with OpenAI to support the massive computing power it needs for its AI-infrastructure buildout.

Under the multiyear

agreement, the chip maker AMD said OpenAI will deploy six gigawatts’ worth of multiple generations of its graphics processing units to support its AI-infrastructure buildout. The first gigawatt will be powered by AMD’s Instinct MI450 series of chips and Helios rack-scale AI systems and is expected to be deployed in the second half of next year, AMD said in a statement.