GraniteShares 2x Long AMD Daily ETF (AMDL  ) is attracting new investor interest as Advanced Micro Devices Inc (AMD  ) solidifies its place in the race for AI hardware with a blockbuster deal with OpenAI and potential foundry cooperation with Intel Corp (INTC  ). AMD's new multi-year agreement with OpenAI can rake in more than $100 billion in revenue over the next four to six years, as the chipmaker is set to provide as much as six gigawatts of computing power utilizing its future-generation Instinct MI450X GPUs as early as late 2026, Bank of America Securities estimated.

The firm retained a Buy rating and increased its price target from $200 to $250, describing the deal as one of the most disruptive opportunities within the AI hardware space.

This has highlighted AMDL as a rare ETF providing investors with concentrated exposure to AMD's growing AI ecosystem. The fund targets companies that are beneficiaries of AMD's growth path in semiconductors, foundries, and computing infrastructure, qualifying as a pure-play proxy for AMD's success in the next stage of the AI buildout.

At the time of publishing, AMDL is up around 77% since the announcement of the Open AI-AMD partnership on Monday.

AMD was already in the spotlight since Oct 1, as news emerged that Intel is in preliminary discussions to bring on AMD as a foundry customer, a milestone that would highlight the increasing interdependence among U.S. chipmakers as they compete to challenge Taiwan Semiconductor Manufacturng Co Ltd (TSM  ). For Intel, having AMD come aboard as a customer would legitimize its foundry comeback, and for AMD, having more diversified manufacturing partners would make its supply chain more robust as the demand picks up.

AMDL may prove to be a savvy thematic play on other semiconductor ETFs such as VanEck Semiconductor ETF (SMH  ) or iShares Semiconductor ETF (SOXX  ), which spread their exposure across multiple chipmakers. With AMD now being shoulder-to-shoulder with Nvidia and Broadcom in multi-billion-dollar AI infrastructure transactions, AMDL is a concentrated way to play that potential upside.

While the AI arms race is heating up, those betting on the next growth phase for AMD might find the AMDL ETF a smart way to tap into the chipmaker's $100 billion supercycle, without committing all the way to one stock.