Market Watch: AMD Continues to Gain Momentum
Advanced Micro Devices Inc has been on a tear, with its stock price surging in recent weeks following a six-session winning streak that was briefly interrupted on July 31. Despite this minor setback, analysts remain resolute in their optimism about the company’s prospects, with Morgan Stanley taking a bullish stance by raising its price target and maintaining an ‘Equal Weight’ rating.
The catalyst behind AMD’s rally is its growing involvement in the AI sector, with industry expert Jim Cramer declaring that the company is “on fire” due to its AI-related developments. This sentiment is echoed by a technical analysis of the stock, which suggests that it has completed a corrective decline and is poised for further growth.
As the company’s market capitalization continues to expand, some analysts are predicting that AMD could join the trillion-dollar club by 2030. This would be a significant milestone for the company, cementing its position as a leader in the tech industry.
Key Takeaways:
- AMD’s stock price has surged in recent weeks, with a six-session winning streak that was briefly interrupted on July 31
- Morgan Stanley has raised its price target and maintained an ‘Equal Weight’ rating, reflecting analysts’ optimism about the company’s prospects
- The company’s involvement in the AI sector is driving its growth, with industry expert Jim Cramer declaring that AMD is “on fire” due to its AI-related developments
- A technical analysis of the stock suggests that it has completed a corrective decline and is poised for further growth
- Analysts predict that AMD’s market capitalization could reach the trillion-dollar mark by 2030