AMD Stock Price: Advanced Micro Devices down in dull futures trading

NASDAQ:AMD gained 5.26% during Wednesday’s trading session.
JPMorgan thinks that the global chip shortage will continue into 2022.
Samsung is set to break ground on a brand new chip factory in Texas.

Stocks Reporter FXStreet

Update: US markets were closed due to the Thanksgiving holiday on Thursday. Stocks trading will resume on Friday, but Wall Street will close earlier. Meanwhile, US futures point to a soft opening on Friday, although markets are due to an early close.

Previous update: NASDAQ:AMD took a breather earlier this week, but the red-hot semiconductor stock looks like it’s ready to take another step higher. Shares of AMD surged on Wednesday and gained 5.26%, closing the trading session at $157.80. AMD rose alongside most of the tech industry which rebounded nicely following two days of bearishness due to a rise in the ten-year treasury bond yields. The NASDAQ secured a positive day for the first time this week, while the Dow Jones reversed its trend and closed the day slightly lower. AMD rivals Intel (NASDAQ:INTC) and NVIDIA (NASDAQ:NVDA) also climbed higher on Wednesday, the latter of which is fast approaching a $1 trillion market cap.

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Investing bank JPMorgan (NYSE:JPM) provided a forecast for the semiconductor industry and it believes that the chip shortage will continue to affect supply chains into 2022. The company does foresee that supply could return at some point during the year, and is bullish on major tech companies like Apple (NASDAQ:AAPL) bringing chip development in-house. The chip shortage has caused pain for many industries, but especially those that rely on advancing technology like electric vehicles and smartphones.

AMD stock forecast

Speaking of the global chip shortage, Korean tech giant Samsung recently announced that it has plans to establish a semiconductor manufacturing facility in Texas. The project will cost a reported $17 billion USD, and will be the second major plant that the company operates in the Lone Star State. This would represent Samsung’s largest investment in the United States, and should be open for operations by the end of 2024.

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