ETFs ride the wave higher as AMD surges on OpenAI deal

[AMD headquarters in Santa Clara, California, USA]
JHVEPhoto

Shares of Advanced Micro Devices (NASDAQ:AMD [https://seekingalpha.com/symbol/AMD]) surged sharply higher on Monday after the semiconductor giant announced a partnership with OpenAI, under which the ChatGPT maker will purchase multiple generations of AMD’s artificial intelligence chips over the coming years.

The long-term supply agreement is expected to generate tens of billions of dollars in revenue [https://seekingalpha.com/news/4501935-amd-surges-25-after-ai-infrastructure-deal-with-openai#hasComeFromMpArticle] for AMD, cementing its position as a key rival to Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]) in the fast-growing AI hardware market.

Following the announcement, AMD’s stock spiked by more than 25%, the rally also reverberated across the exchange traded fund landscape, as many of funds with exposure to AMD saw a corresponding boost in value.

Currently, AMD shares are held by 468 ETFs, representing a combined ownership of 304.1 million shares. As the stock’s price climbs, ETFs with significant AMD weightings have benefited disproportionately, particularly those focused on semiconductors and artificial intelligence innovation.

Below are the 10 ETFs with the largest AMD allocations on Wall Street:

No. 1: Roundhill AMD WeeklyPay ETF (BATS:AMDW [https://seekingalpha.com/symbol/AMDW]), 19.90% allocation.

No. 2: Amplify Video Game Tech ETF (NYSEARCA:GAMR [https://seekingalpha.com/symbol/GAMR]), 10.29% allocation.

No. 3: Direxion Daily Semiconductor Bull 3x Shares (NYSEARCA:SOXL [https://seekingalpha.com/symbol/SOXL]), 8.67% allocation.

No. 4: SMART Earnings Growth 30 ETF (NYSEARCA:SGRT [https://seekingalpha.com/symbol/SGRT]), 8.51% allocation.

No. 5: Invesco AI and Next Gen Software ETF (NYSEARCA:IGPT [https://seekingalpha.com/symbol/IGPT]), 7.64% allocation.

No. 6: iShares Semiconductor ETF (NASDAQ:SOXX [https://seekingalpha.com/symbol/SOXX]), 7.13% allocation.

No. 7: Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ [https://seekingalpha.com/symbol/SOXQ]), 7.08% allocation.

No. 8: Roundhill WeeklyPay Universe ETF (BATS:WPAY [https://seekingalpha.com/symbol/WPAY]), 6.96% allocation.

No. 9: REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI [https://seekingalpha.com/symbol/FEPI]), 6.50% allocation.

No. 10: AOT Growth and Innovation ETF (NASDAQ:AOTG [https://seekingalpha.com/symbol/AOTG]), 5.90% allocation.

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