Why Advanced Micro Devices Stock Zoomed Higher on AI News Today
Investors can't get enough of stocks associated with artificial intelligence (AI) these days. On Thursday, veteran chipmaker American Micro Devices (NASDAQ: AMD) benefited from this after the publication of a media report stating it had found a powerful partner to help it with its AI chip efforts. AMD stock rose to close the day nearly 7% higher, in favorable contrast to the 0.7% decline of the S 500 index.
That morning, citing unidentified "people with knowledge of the matter," Bloomberg wrote that AMD has teamed up with none other than Microsoft (NASDAQ: MSFT) in its AI chip efforts. According to the article's sources, AMD and Microsoft have joined forces to develop highly AI-capable chips.
The tech giant is providing financial support to the chipmaker, and the two companies are working on a Microsoft processor designed specifically for AI capabilities. This is code-named Athena.
Source Fool.com
Advanced Micro Devices Inc. Stock
The stock is one of the favorites of our community with 80 Buy predictions and 2 Sell predictions.
With a target price of 178 € there is a positive potential of 27.71% for Advanced Micro Devices Inc. compared to the current price of 139.38 €.
