Is AMD Becoming The New WallStreetBets Darling?

Chatter regarding Advanced Micro Devices Inc AMD on the subreddit r/wallstreetbets is rapidly increasing, Thinknum co-founder Justin Zhen said Wednesday on CNBC's "Fast Money Halftime Report."

Thinknum indexes alternative data trails on its platform in order to provide investors with critical data points.

What Happened: Posts about AMD on WallStreetBets have increased more than 10 times over the past 10 days, Zhen told CNBC. 

The surge in discussion volume is intriguing, as AMD operates as a B2B business, as opposed to the consumer brand businesses that normally take precedence on the subreddit, he said. 

AMD discussion volume first began increasing ahead of the company's earnings report, he said. 

On July 27, AMD reported quarterly earnings of 63 cents per share, which beat the estimate of 54 cents per share. The company reported quarterly revenue of $3.85 billion, which beat the estimate of $3.62 billion.

Related Link: What Is Fueling The AMD Rally?

What's Next: The due diligence being spread on Reddit is mainly focused on the global demand for chips right now, Zhen said.

"The company is in major expansion mode" and forecasting "incredible demand," he added. 

AMD is the second most-mentioned stock on WallStreetBets behind Robinhood Markets Inc HOOD, which has almost twice the discussion volume as AMD, Zhen said. 

Related Link: These Stocks Are On The WallStreetBets Radar Today

AMD Price Action: AMD is making a new all-time high in trading.

At last check Wednesday, the stock was up 5.63% at $118.89. 

Photo: courtesy of AMD.