Chart of Day: Advanced Micro Devices (AMD) – 3/30

The latest pullback in Advanced Micro Devices (AMD) looks interesting.

After dropping from about $239 to $180, it appears to have caught strong support at its 50-day moving average. From here, we’d like to see AMD retest $230 near term. We also have to consider that next to Nvidia, AMD is a major force with artificial intelligence. With that, it could be exposed to a potential $2 trillion AI market opportunity by 2030, says Grand View Research.

AMD is also running on PC improvements. Data from Gartner, for example, shows that PC shipments jumped about 0.3% in the last quarter of 2023, which was its first increase in more than a year. That said, the latest pullback in AMD looks even better.

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