Advanced Micro Devices (NASDAQ:AMD) stock is trading up more than 1% on Wednesday as traders lean into the stock’s longer-term uptrend, even as major indexes are basically flat. The Nasdaq is down 0.01% while the S&P 500 has shed 0.01%.
AMD’s strategic moves in the AI sector are drawing attention. On Friday, BMO Capital Markets initiated coverage of AMD with an Outperform rating, citing the company’s comprehensive AI infrastructure portfolio. BMO’s analyst highlighted AMD’s Helios AI rack as a direct competitor to Nvidia, expecting it to ship in September. This development positions AMD to capture a larger share of the AI market.
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $595.91. Recent analyst moves include:
- Raymond James: Upgraded to Strong Buy (Raises Forecast to $641.00) (Aug. 25)
- BMO Capital: Initiated with Outperform (Forecast $550.00) (Aug. 21)
- Argus Research: Buy (Raises Forecast to $625.00) (Aug. 6)
Top ETF Exposure
- iShares Semiconductor ETF (NASDAQ:SOXX): 8.10% Weight
- CoreValues America First Technology ETF (NYSE:USMD): 7.74% Weight
- ARK Next Generation Internet ETF (NYSE:ARKW): 8.31% Weight
Significance: Because AMD carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
Price Action
AMD Stock Price Activity: Advanced Micro Devices shares were up 1.15% at $484.69 on Wednesday, according to Benzinga Pro data.
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