Key Highlights
- Shares of AMD climbed approximately 4% Thursday, closing at $268.66 with an intraday record of $270.12
- The chipmaker is experiencing its 12th consecutive session of gains — the longest such streak in nearly two decades
- The stock has surged approximately 37% during this 12-day period and has gained roughly 24% in 2024
- Strong quarterly results from TSMC ignited a broad semiconductor sector rally, benefiting AMD and peer companies
- Wall Street analysts have elevated their price projections, with some reaching as high as $365, in anticipation of AMD’s upcoming May 5 earnings report
Shares of Advanced Micro Devices extended their remarkable rally Thursday, notching a 12th consecutive trading session of gains — a feat the semiconductor company hasn’t accomplished since 2005.
Advanced Micro Devices, Inc., AMD
The semiconductor stock advanced approximately 4% to reach $268.66 during early market activity, touching an intraday all-time high of $270.12. During this exceptional 12-day stretch, AMD shares have appreciated roughly 37%. Year-to-date, the stock shows gains of 24%, while the trailing 12-month performance exceeds 200%.
Several catalysts are converging to fuel this momentum.
TSMC, which serves as AMD’s principal chip fabrication partner, announced a substantial increase in quarterly earnings Thursday. The financial results highlighted robust demand for cutting-edge semiconductors utilized in artificial intelligence applications and high-performance computing environments. Given TSMC’s status as a key industry indicator, these impressive figures provided momentum across the semiconductor landscape, benefiting AMD and comparable technology stocks.
Intel’s shares also advanced during the session. Meanwhile, Nvidia and Marvell experienced declines in early trading.
Favorable Market Conditions Contributing to Rally
The wider market environment has also turned increasingly positive. Optimism regarding potential diplomatic progress between the United States and Iran — with Pakistan reportedly facilitating negotiations — has enhanced risk appetite throughout the technology sector. Crude oil prices have found stability, and supply chain challenges that previously pressured the industry have moderately subsided.
This “risk-on” market posture has drawn investors toward high-growth technology names, with AMD emerging as a primary beneficiary of this sentiment shift.
The stock has now rallied approximately 40% from its lowest point earlier this year.
Analyst Community Grows Increasingly Bullish on AMD
Wall Street analyst optimism has intensified as AMD’s first-quarter fiscal earnings announcement approaches on May 5.
Bernstein analyst Stacy Rasgon represents one of several analysts who have elevated their price objectives, with certain Street forecasts climbing as high as $365.
The optimistic investment thesis revolves around AMD’s strategic collaboration with Meta, its forthcoming MI400 series artificial intelligence accelerators, and the ROCm 7.0 software platform. Market analysts anticipate these developments could enable AMD to capture additional enterprise AI market share currently dominated by Nvidia.
From a chart analysis perspective, AMD has broken through significant moving average resistance levels, which technical traders interpret as confirmation of a robust upward trend. The stock’s Relative Strength Index currently registers in the upper 70s — a territory that sometimes indicates near-term overbought conditions — yet its MACD indicator continues to expand positively.
The semiconductor stock has appreciated more than 35% across slightly more than two weeks of trading.
AMD is scheduled to report its first-quarter financial results on May 5.
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