What's Going On With AMD Stock?

Advanced Micro Devices, Inc AMD stock is trading higher Thursday as enterprises including Big Techs like Amazon.Com Inc AMZN, Meta Platforms Inc META, Alphabet Inc GOOG GOOGL Google likely continue their high octane bets in artificial intelligence with additional tailwinds from Chinese Big Tech companies including Baidu, Inc BIDU, Alibaba Group Holding Limited BABA.

Baidu's ChatGPT-counterpart Ernie Bot accomplished the milestone with over 100 million users, as per Wang Haifeng, the chief technology officer, at a deep learning summit in Beijing. 

After Nvidia Corp NVDA, analysts see AMD as the next leading player in the accelerator market courtesy of its launch of Nvidia AI rival MI300X GPU and MI300A APU.

Also Read: Amazon Ramps Up AI Game at AWS re: Invent to Tackle Microsoft and Google's Rise

A July survey reported that 95% of utility and energy companies were considering generative AI technologies.

Also, key AMD supplier Samsung Electronics Co SSNLF and the wider South Korean semiconductor sector have witnessed significant growth, showcasing a robust recovery in production and shipments. November saw a remarkable 42% increase in chip production from the previous year, the most significant rise since early 2017, Bloomberg reports. 

Additionally, shipments soared by 80%, marking the most substantial growth since late 2002, according to the National Statistical Office. 

The resurgence reflects a broader revival in global technological demand, with Samsung playing a crucial role.

AMD stock gained over 8% in the last five days and over 22% in the previous month. Invesco QQQ Trust, Series 1 QQQ, representing the broader tech index, gained 1.3% in the last five days and 5.6% last month.

Price Action: AMD shares traded higher by 2.09% at $149.12 on the last check Thursday.

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