AMD Shares on the Rise Ahead of Earnings Report
Advanced Micro Devices (AMD) closed at $51.71 during its most recent trading session (Thursday), climbing another +0.54% from the previous day, maintaining its position as one of the best performing technology stocks throughout the past 4 months. Last year (2019), AMD shares more than doubled in value, surging 150% from $18.01 at the opening of January 2nd, 2019 to $45.46 by the close of the December 23rd, 2019 trading session.
AMD shares rose another 1.12% during “after market hours trading” Thursday, after Vijay Rakesh (Mizuho Securities Analyst) upgraded the semiconductor maker to Buy, with a target price of $55 (from $38), motivated by an improving 2020 servers market and market share gains.
Traders like Philip Bell, with Agency Desk, LLC in New York are expecting Advanced Micro Devices, Inc. to reinforce its competitive stance against other chipmakers such as Intel, Samsung and Nvidia in 2020 through a continuous flow of powerful new product launches on 7nm and 7nm+ technologies.
Is the Semiconductor Industry still growing?
Semiconductors can be found everywhere and are mainly used in advanced electronics and communications devices. With a rapidly increasing demand for electronic devices in general, companies producing semiconductors continue to thrive. In fact, several companies within the semiconductor industry have been amongst the best market performers throughout the past year, including Advanced Micro Devices, Inc.
According to the Semiconductor Industry Association (SIA) semiconductor sales totaled approx. $409.0 billion dollars in 2019, a number which is expected to increase by around 6% annually over the next two years. Philip Bell, Senior Portfolio Manager with Agency Desk, LLC in New York recently stated that the “increased demand of components needed in the rapidly growing use of consumer electronics and Artificial Intelligence is expected to contribute notably to the industry’s overall growth”.
Advanced Micro Devices, Inc. (NASDAQ:AMD)
AMD is a US-based multinational technology company focused on state-of-the-art semiconductor products and other components often used in consumer electronics goods. Founded back in 1969 as a Silicon Valley start-up, AMD has grown to a global company with more than 10,000 employees.
