Why AMD Stock Soared in January (Spoiler Alert: It's All About AI)
Shares of Advanced Micro Devices (NASDAQ: AMD) rose 13.8% in January 2024, according to data from S&P Global Market Intelligence. The semiconductor designer reported robust fourth-quarter results near the end of the month, but investors saw those rosy numbers coming from a wile away and the report didn't move AMD's stock price very far. Instead, investors paid close attention to analysts updating their projections ahead of the financial report.
AMD's largest single-day jump last month fell on Jan. 16, as several Wall Street analysts lifted their price targets on the stock in unison. Citing a "second wave" of chip-buying to support advanced artificial intelligence (AI) systems, the investing pros saw great potential for sales of the new Instinct MI300X AI accelerator line.
The stock closed 8.3% higher that day, cementing an 18.9% gain for the week. That was two weeks ago and AMD's share price has stayed at roughly that level ever since.
Source Fool.com
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