Advanced Micro Devices Stock News and Forecast: AMD sets second all-time high of week

AMD stock makes a new all-time high at $164.46 on Tuesday.
Advanced Micro Devices stock has been riding a bull trend since early October.
AMD CEO Su speaks at Credit Suisse conference.

Clay Webster FXStreet

Another day, another all-time high. Shares of Advanced Micro Devices (AMD) broke to a new all-time high of $164.46 on Tuesday, only a day after another all-time high was set. The 4.6% surge on Monday appeared as a rebound after Friday's general market downturn linked to the new Omicron variant of COVID-19. Early in Tuesday's session, the stock rose 2% before falling 2% in the other direction to $158.65.

Advanced Micro Devices (AMD) Stock News: CEO Su upbeat at tech conference

Speaking at Credit Suisse's 25th annual Technology Conference on Tuesday morning, CEO Lisa Su sounded extremely confident about prospects for the chipmaker.

"Our mission is around high-performance computing. When we think about our primary markets – PCs, gaming and data centers – we see an expansion of our market opportunity," Su said.

"With the Xilinx acquisition, we expect to continue that 20% CAGR. That's achievable," Su said. AMD's acquisition of Xilinx in October will allow it to compete with Intel in the programmable logic device market.

Responding to a question about supply constraints, Su acknowledged that though she did not expect such high demand in 2021, by aggressively working with suppliers Advanced Micro Devices was able to make up for the logjam.

The CEO said AMD is focused especially on the enterprise PC and data center segments. Though AMD is already servicing ten of the largest data center companies in the world, Su said the company is not even close to saturation.

IC Insights released a report in early November saying it expects Advanced Micro Devices to post a revenue increase of 65% this fiscal year. This would put AMD in first place on IC Insights' list of the fastest-growing semiconductors, above Nvidia (3rd, 54%) and Qualcomm (4th, 51%).

For the quarter ending in September, AMD posted revenue growth of 54% YoY and a jump from 44% to 48% on its gross margin.

AMD key statistics

Market Cap	$198 billion
Price/Earnings	50
Price/Sales	13
Price/Book	27
Enterprise Value	$193 billion
Operating Margin	21%
Profit Margin	27%
52-week high	$164.46
52-week low	$72.50
Short Interest	6%
Average Wall Street Rating and Price Target	Hold, $140.51

Advanced Micro Devices (AMD) Stock Forecast: AMD aiming for $170s

AMD stock broke out of its bull pennant on November 16 and has continued to move upward within an ascending price channel. The top line of that price channel is now in the $170s, which should provide

AMD has remained largely in overbought territory on the Relative Strength Index (RSI) since October 18. Currently, it sits at 73. Support sits at the 9-day moving average at $155.95. With Tuesday's pullback below $160, it seems more than likely that the 9-day will hold. If not, further support sits near $150.

AMD daily chart

Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

AUD/USD eyes 100-SMA hurdle near 0.7035 as hawkish RBA counters firmer USD

AUD/USD regains positive traction on Tuesday and climbs to 0.7030 during the Asian session, reversing the previous day's corrective slide from a one-month high as hawkish RBA rate expectations continue to support the Aussie. Spot prices, however, remain below the 100-day SMA pivotal resistance amid a firmer US Dollar as traders brace for Australia’s September CPI report on Wednesday ahead of the Fed rate decision.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold bears flirt with $4,000 amid sustained USD buying ahead of FOMC decision

Gold meets with a fresh supply during the Asian session, stalling the previous day's modest bounce from the vicinity of a three-month low amid a firmer US Dollar. The precious metal, however, defends the $4,000 psychological mark as traders now seem hesitant and opt to wait for the outcome of the two-day FOMC policy meeting on Wednesday.

Pi Network stalls as weak crypto sentiment caps recovery

Pi Network (PI) holds steady above $0.0760 at press time on Tuesday, stalling after a roughly 2% rebound the previous day. The broader market's weak sentiment and reduced trading volume weigh on the PI token. The technical outlook is bearish, with price capped below a long-term resistance trendline and weak momentum.

France tests the Euro's nerve: What the OAT spread is telling FX traders

France's 10-year borrowing premium over Germany hit its widest since the 2011 debt crisis last week. With public spending above 57% of GDP, unrest on the streets and a presidential election next spring, cuts look unlikely. If Paris cannot trim, the bill may be paid quietly through financial repression.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.