AMD Stock Price: Advanced Micro Devices falls as bond yields knockout growth stocks again

NASDAQ:AMD fell by 1.70% during Tuesday’s trading session.
Data centers could be the key to AMD’s future success.
NVIDIA receives a nice upgrade from a Jeffries analyst.

Stocks Reporter FXStreet

NASDAQ:AMD has cooled off to start the week as a second consecutive day of rising ten-year treasury bond yields knocked tech stocks down yet again. On Tuesday shares of AMD fell by 1.70% and closed the volatile session at $149.92. The NASDAQ took the brunt of the losses during the session, and closed the day as the only major index in the red. The blue-chip Dow Jones gained nearly 200 basis points, while the benchmark S&P 500 remained mostly flat on the day. Looking ahead to Wednesday, futures for all three major indices are currently pointing towards another bearish day for the broader markets.

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While AMD was once known for its graphic chipsets, the company has evolved under CEO Dr. Lisa Su into a full spectrum chip company. AMD’s latest foray into the Metaverse alongside Meta Platforms (NASDAQ:FB) adds yet another strong partnership to its growing portfolio which also includes Tesla (NASDAQ:TSLA), Microsoft (NASDAQ:MSFT), and Sony. Data centers will be the foundation for future products such as artificial intelligence, autonomous technology, and the Internet of Things. AMD is pushing hard into this industry, and is attempting to take on rival NVIDIA (NASDAQ:NVDA) head on.

AMD stock forecast

Speaking of NVIDIA, the recent quarterly earnings report combined with the emergence of the Omniverse platform was certainly enough for a price target upgrade from Jeffries. Analyst Mark Lipacis credited these advancements as a reason for NVIDIA to lead the chip sector moving forward, and revised his earnings outlook for 2025 from $12.50 to $16.40 per share. Lipacis also reiterated his buy rating for the stock, and raised the price target to a very generous $370 over the next twelve months.

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