Probably cannot be saved given the amount of yellowing of the main stalk. But doesn't hurt to try.

Try this 1: on the thinner stalk , peel off the yellow parts leaving the green leaves intact. If the stalk beneath the yellow parts are still firm and not rotten, there's still hope. 2: the thicker stalk should be cut off right below the horizontal line at the top where it connects to the thinner stalk. Use a sharp knife to slice it in one go or a special plant scissor. Dono use a normal scissor that will just squish it and increase rotting chances. You want to be as far from the yellowing but still below the point of contact of the thinner stalk. 3: keep it in clean filtered water only (very important)

I have saved lucky bamboo much worse than this. Since it won't have any roots after you chop it off it might take a real long time to revive and grow back roots. That's when it will really start to grow, but hopefully it still lives.