Shares of Advanced Micro Devices (NASDAQ: AMD) were surging last month after investors responded positively to the launch of its new Instinct MI300 accelerators designed to run advanced artificial intelligence (AI) models. The launch had been long anticipated by investors.

AMD stock also benefited from broader market gains during the month, partly in response to the Fed's forecast of lower interest rates in 2024. According to data from S&P Global Market Intelligence, the stock gained 22% in December.

As you can see from the chart below, AMD spiked 10% on Dec. 7 after its chip presentation and continued to rise from there.

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Source Fool.com