Shares of Advanced Micro Devices (NASDAQ: AMD) were rallying today, up 6% as of 12:47 p.m. ET.

There wasn't any meaningful news that came out of the company, as AMD reported earnings on May 2, in which it gave a lackluster forward outlook. However, some recent analyst commentary on the recovering PC market, as well as AMD's prospects in artificial intelligence, seem to be lighting a fire under the stock since then. 

In addition, it's 13F season, in which leading hedge funds disclose their buys and sells from the previous quarter. AMD attracted some high-profile names in Q1 that may be causing more optimism today.

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Source Fool.com