Advanced Micro Devices, Inc (AMD  ) client Oracle Corp (ORCL  ) acknowledged the chip designer gaining traction in the data center chip market for artificial intelligence despite Nvidia (NVDA  ) Corp's moat.

Oracle cloud business executive Karan Batta told the Information regarding customers' openness to multiple vendors for inference computing implying opportunities for AMD and rivals.

Recent reports indicated AMD is currently ditching the premium gaming GPU market for the mainstream and mid-range GPUs. The update followed after AMD hired Nvidia's Keith Strier to helm AMD's AI vision.

BofA Securities analyst Justin Post hailed the recent Oracle and Amazon.Com Inc (AMZN  ) partnership. This partnership offers cloud providers a sizable opportunity to unlock demand for infrastructure and applications, which in turn implies demand for Nvidia and AMD AI chips.

Mai Capital Management portfolio manager Chris Grisanti, in a CNBC interview, cold-shouldered the recent semiconductor and AI chip stock selloff, citing sustained AI ambitions of cash-rich Big Tech giants.

JPMorgan analyst Harlan Sur projects AMD's revenue from data center GPUs to grow by $5 billion in the current fiscal year.

AMD stock gained 35% in the last 12 months. Investors can gain exposure to AMD through iShares Core S&P 500 ETF (IVV  ) and Vanguard Total Stock Market ETF (VTI  ).

Price Actions: AMD stock is up 2.32% at $156.15 at the last check Wednesday.