Advanced Micro Devices Inc. shares are leading Nasdaq-100 gainers on Wednesday, with one analyst cheering the company’s “game-changing” narrative that could propel the stock even higher.

Heading into Wednesday trading, AMD’s stock

AMD had soared 32% since the company’s announcement of an OpenAI partnership earlier this month. But HSBC’s Frank Lee sees more gains in store, as the new arrangement has shifted the paradigm for AMD and unlocked revenue opportunities many magnitudes greater than what investors have come to know.