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Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the best growth stocks to buy, according to billionaire Ray Dalio’s Bridgewater Associates. On June 16, Advanced Micro Devices, Inc. (NASDAQ:AMD) and Rackspace Technology (NASDAQ:RXT) finalized a binding agreement for the phased deployment of 30 MW of AMD‑based compute across Rackspace’s global data centers, beginning in late 2026 through 2028.

The deal builds on a May 7 memorandum of understanding and covers AMD Instinct GPUs, including MI355X and MI350P models, along with AMD EPYC CPUs, integrated into an Enterprise AI Cloud architecture.

Targeting regulated industries such as healthcare, the collaboration will jointly pursue enterprise customers and accelerate delivery of four capabilities: Enterprise AI Cloud, Enterprise Inference Engine, Inference as a Service, and Bare Metal AMD Instinct.

Executives emphasized the need for governed AI infrastructure, with Rackspace CEO Gajen Kandiah highlighting accountability and AMD’s Dan McNamara stressing openness and scalability. Deployment authorizations and certain commercial terms, including pricing and financing, remain subject to finalization.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a multinational semiconductor company that designs high-performance processors, graphics cards, and adaptive computing technologies. Its chips power everything from everyday consumer laptops to massive cloud data centers and artificial intelligence (AI) systems.

While we acknowledge the potential of AMD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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