Wednesday is turning out to have been a terrific day to own semiconductor stocks, with shares of rising artificial intelligence (AI) chipmaker Advanced Micro Devices (NASDAQ: AMD) up 5.7% through 3:15 p.m. ET, semiconductor manufacturing equipment maker Applied Materials (NASDAQ: AMAT) gaining 4.8%, and server and data storage solutions provider Super Micro Computer (NASDAQ: SMCI) eking out a 2.8% gain.

And it all began with an upgrade for AMD.

London-based stock research shop New Street announced last night it is upgrading AMD stock from neutral to buy, with a $215 price target implying it expects the shares to rise 28% through the end of this year, as The Fly reports. Of all the semiconductor companies trying to build chips for AI functions, said the analyst, AMD is the stock with the most upside, the best chance of outperforming expectations, and the best valuation to buy.

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Source Fool.com