Shares of Advanced Micro Devices, Inc. (NASDAQ: AMD) experienced a decline of -1.39%, closing at $125.27 on Tuesday. This drop in stock price is believed to be a result of profit-taking after a remarkable 16% increase over the past five trading sessions. The rise was fueled by the strength seen in various technology and AI-related companies following NVIDIA Corporation’s first-quarter earnings.
Last week, AMD shares showed strength and traded higher when BofA Securities raised their price target for the stock from $105 to $120.
Overall, AMD shares have witnessed a remarkable upswing of about 94% year-to-date. This surge can be attributed to the exceptional performance of the broader semiconductor industry and AI-related stocks. The company’s 52-week high stands at $127.43, while the low is $54.57.
In other related news, Microsoft has reportedly partnered with AMD to support the chipmaker’s expansion into artificial intelligence processors. Bloomberg reports that Microsoft is providing engineering resources to aid AMD’s advancements. The collaboration aims to compete against Nvidia, which currently holds an estimated 80% market share in the AI processor market.
Meanwhile, Advanced Micro Devices, Inc. has introduced the highly-anticipated AMD Radeon RX 7600 graphics card. This graphics card is specifically designed to deliver outstanding performance for high-definition gaming, streaming, and content creation. Users can expect incredible graphics quality and a significant enhancement to their overall gaming experience.