“Advanced Micro Device (AMD) is trending lower at the moment. But we don’t expect that to last long – especially with the artificial intelligence boom,” we noted on June 18.
At the time, AMD traded just under $157. Today, it’s up to $185.57.
Helping, analysts at Wells Fargo just reiterated an overweight rating on the AMD stock. The firm noted that “AMD announced a $665M (all-cash; 2H′24 close) acq. of Silo AI, the largest private AI lab in Europe. We view this as a positive tactical / strategic move focused on deepening AMD’s internal open-source AI software expertise; up-the-stack capabilities.”