Advanced Micro Devices (AMD), one of the key chip designers behind the artificial intelligence (AI) buildout, has seen its AI story get bigger. Yet, so have expectations. Once viewed mostly as a central processing unit (CPU) share-gain story against Intel (INTC) and a graphics processing unit (GPU) challenger to Nvidia (NVDA), AMD now has a broader AI infrastructure thesis built around EPYC CPUs, Instinct accelerators, and Helios rack-scale systems.