On June 13, we noted:
“Consolidating at $159, Advanced Micro Devices (SYM: AMD) could break significantly higher. For one, the artificial intelligence story is still heating up. Two, demand for AMD chips is only expected to gain momentum. Three, analysts at Edward Jones just initiated a buy rating on AMD.”
At the time, AMD traded at $159.90. Today, it’s up nearly $12 a share at $166.44. All after Piper Sandler named the tech stock a “top pick” for the second half of 2024.
“The investment bank said it was impressed with AMD’s strategy and competitive positioning, particularly for the MI300 accelerator series, which it expects to surpass $4 billion this year.
The AI chip manufacturer also plans to launch new chips, including the MI325 later this year and the MI350 in 2025, both featuring next-gen HBM3E memory. The MI350 will also include CDNA4 and a 3nm process node, competing with Blackwell architecture,” said Investing.com.
