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In the 1990s, when Intel dominated the PC chip market, the semiconductor maker needed Advanced Micro Devices to exist as a viable No. 2 to help avoid being charged with monopolistic behavior.

Almost three decades later, AMD may be serving a similar role for Nvidia , which controls over 90% of the market for graphics processing units used for artificial intelligence workloads.

When AMD announced a deal on Monday that involves selling many billions of dollars worth of GPUs to OpenAI, it announced itself as a serious rival the can pick up share in the quickly growing market for AI chips, analysts said.

"Right now, Nvidia almost has a monopoly, with AMD having a low-single-digit sh

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