Advanced Micro Devices (AMD) is back above $100, as hoped.
As we noted on December 30, “After starting the year around $151, it sank to a low of about $57. All thanks to broad market weakness, inflation, fears of recession, price target cuts, plunging PC demand, you name it. That’s the bad news. The good news is the future looks far brighter for AMD. For one, it appears the worst has been priced into the stock. And despite challenges, the company is still growing sales by double-digits.”
And, so far, so good…
The stock is now back up to $107 and exploding. Helping, Daniel Loeb’s Third Point LLC just bought a million shares of AMD, according to regulatory filings. Better, there’s news AMD will work with Microsoft to take on Nvidia’s current dominance with artificial intelligence.
