Shares of Advanced Micro Devices (NASDAQ: AMD) have delivered impressive returns over the past year, rising 64% and crushing the Nasdaq Composite index's gains of 27% by a wide margin thanks to the artificial intelligence (AI)-fueled growth of the semiconductor industry and a turnaround in the company's fortunes of late.

It is also worth noting that AMD stock price is up 22% since the company released its third-quarter 2023 results on Oct. 31. Let's see what has triggered the latest surge in this semiconductor stock and check if it can sustain its momentum over the next year and deliver more upside.

AMD endured a difficult time in the first nine months of 2023 largely because of poor personal computer (PC) sales. The company's revenue during this period dropped 8% year over year to $16.5 billion. AMD's earnings declined at a far more alarming pace, falling to just $0.12 per share from $0.84 per share in the first nine months of 2022.

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Source Fool.com