Why AMD Shares Are Jumping Today
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June 6 - Shares of Advanced Micro Devices (NASDAQ:AMD) climbed nearly 10% on Monday trading after Piper Sandler raised its price target, citing growing optimism in the company's graphics processing unit (GPU) segment.
In a note to clients, analyst Harsh Kumar said AMD's core client business is showing signs of recovery, pointing to early demand strength. Piper Sandler increased its price target on AMD to $140 from $125 while maintaining a Buy rating.
The note follows recent updates from AMD, which unveiled its new MI350 series of AI accelerators last week and gave an early preview of the next-gen MI400 platform. These products are designed to compete in the fast-growing artificial intelligence hardware market.
The rally in AMD comes amid heightened investor interest in chipmakers focused on AI workloads, a space where competitors such as Nvidia (NASDAQ:NVDA), Intel (NASDAQ:INTC), Marvell Technology (NASDAQ:MRVL), and Broadcom (NASDAQ:AVGO) also operate.
This article first appeared on GuruFocus.