What Happened With Advanced Micro Devices Stock Today?

Advanced Micro Devices, Inc.AMD shares climbed steadily throughout Tuesday's trading session to end the day up more than 4%. 

What To Know: The Nasdaq 100 Index closed Tuesday's session at 20,011 points and marked a new daily closing high, aided by large gains from both AMD and Tesla, Inc. TSLA. 

Investors' confidence in future rate cuts was boosted by comments from Fed Chair Jerome Powell who spoke at a European Central Bank monetary policy panel on Tuesday. Powell suggested the disinflation trend has resumed and the labor market shows signs of "appropriate cooling." 

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AMD shares gained more than 40% over the past year as the stock continues to benefit from the widespread adoption of AI across industries. 

The company recently released an updated version of its AMD ROCm 6 open-source software platform, ROCm 6.1, designed to keep pace with the rapid advancements in AI frameworks. 

The updates include a new ROCm library that enables high-performance video decoding directly on AMD's GPUs and updates to the MIOpen Library aimed at increasing GPU performance, particularly for deep-learning applications of inference and convolutions.

AMD shares climbed steadily on above-average volume Tuesday and ended the session above its 50-day moving average of $158.79, according to data from Benzinga Pro.

AMD Price Action: According to Benzinga Pro, Advanced Micro Devices shares closed Tuesday's session up 4.20% at $164.31.

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