Advanced Micro Devices' (NASDAQ: AMD) stock price has soared since it reached a two-year low last October. The semiconductor stock had lost around two-thirds of its value by then as the chip industry experienced a slump. It has since reversed course thanks to growing interest in artificial intelligence (AI).

Since those October 2022 lows, the stock has nearly doubled in value over seven months even amid sluggish chip sales and moves to absorb the Xilinx acquisition into its business. The question investors need to ask now is: With the recent run-up, has AMD's price risen too fast, or can I still profit from the stock at these levels?

Admittedly, one might assume it is too late to buy AMD at a higher price. The stock trades at its highest level since last summer, reversing all the declines over the previous 12 months. Moreover, since the beginning of 2023, AMD stock is up by about 65%.

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Source Fool.com