In a recent report, it has been confirmed that Advanced Micro Devices, Inc (AMD) is making significant strides in the data center chip market for artificial intelligence (AI), despite strong competition from Nvidia Corp. Oracle Corp, a client of AMD, acknowledged the chip designer's growing traction in this sector. This news comes as AMD focuses on expanding its presence in mainstream and mid-range GPUs, with the assistance of former Nvidia executive, Keith Strier.

Oracle's cloud business executive, Karan Batta, revealed that customers are increasingly open to utilizing AI chips from multiple vendors for inference computing. This openness presents a great opportunity for both AMD and its competitors. Furthermore, the recent partnership between Oracle and Amazon.com Inc is seen as a positive development by BofA Securities analyst, Justin Post. This collaboration is expected to drive demand for infrastructure and applications, leading to increased demand for both Nvidia and AMD AI chips.

JPMorgan analyst, Harlan Sur, projects a significant revenue growth for AMD's data center GPUs, estimating an increase of $5 billion in the current fiscal year. This indicates a strong performance for the chip designer in the AI chip market. AMD's stock has seen a 35% increase over the past 12 months, making it an attractive investment option. Investors can gain exposure to AMD through iShares Core S&P 500 ETF and Vanguard Total Stock Market ETF.

As of the last check on Wednesday, AMD stock demonstrated a positive price action, with a 2.32% increase at $156.15. These promising results reflect the growing confidence in AMD's position in the AI chip market.

In conclusion, Advanced Micro Devices (AMD) continues to make significant strides in the AI chip market, bolstered by its growing traction in the data center chip sector and customer openness to multiple vendors. With the guidance of former Nvidia executive Keith Strier and positive partnerships with Oracle and Amazon, AMD is poised to further expand its presence in the AI chip market.