OpenAI’s Deals With Broadcom, AMD Show How Big AI Market Can Be

OpenAI’s agreements to buy chips from Advanced Micro Devices Inc.and Broadcom Inc. are demonstrating how much room the artificial intelligence industry has to grow beyond Nvidia Corp.

In the two weeks since AMD and OpenAI announced their blockbuster deal, the chipmaker’s stock has soared more than 40%. AMD also landed a major order from Oracle Corp. this week, further juicing its shares. Meanwhile, Broadcom unveiled its own agreement with OpenAI on Monday, sending its shares up 10% in a single session, their best performance since April.

But Nvidia is languishing, falling 3.5% since the AMD-OpenAI pact became ...