Advanced Micro Dynamics (NASDAQ: AMD) shares rose by 23.5% in July 2022, according to data from S&P Global Market Intelligence.

The 23.5% gain follows a 25% drop in June. However, July's rally came from high expectations for the company's second-quarter earnings report, with news of supply constraints easing and the Chips and Science Act passing on July 28.

Although AMD stock saw significant falls in June on the back of the larger economic climate, investor optimism for the company's Q2 results was AMD's gain. Ahead of earnings reports, Wall Street forecasted that AMD would beat 2021's Q2 revenue by 70%, following Q1 2022 results with a similar increase of 71%, year over year. The projections were confirmed when AMD announced its Q2 2022 earnings on August 2.

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Source Fool.com