Advanced Micro Devices (AMD)

Jan 10, 2023Trade Ideas

“Advanced Micro Devices (AMD) was crushed over the last year. All thanks to broad market weakness, inflation, fears of recession, price target cuts, and plunging PC demand. However, it appears most of the negativity has been priced in. It also appears the stock just caught double bottom support, with oversold RSI, MACD, and Williams’ %R,” we noted on December 30, 2022.

At the time, AMD traded around $63.50. Today, the stock is up to $67.24 – and could potentially test $75 a share, near-term. Helping, Wells Fargo just named AMD one of its top tech picks for the new year. Even better, AMD just launched its new AI-powered PC chips at CES 2023.

“The addition of AI features into AMD’s processors reflects the first instance of the company integrating technology from Xilinx, which AMD acquired in February 2022 for about $35 billion in stock. AMD contends that the Ryzen AI engine in its new processors is 20% faster than the same capability in the Apple M2 processor. AMD noted that Intel doesn’t currently offer AI capabilities in its x86 based processors,” added Barron’s.

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