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Title: AMD (AMD) Stock: AI Chip Buzz Lifts Shares, Analysts Watch $175-$215
Advanced Micro Devices Inc. (NASDAQ: AMD), the popular microchip manufacturer, has seen its shares skyrocket following bullish commentary on its AI chip offerings. The company’s recent advancements in the artificial intelligence sector have sparked optimism among investors and analysts alike.
As per recent reports, HSBC analysts have upgraded AMD from Hold to Buy, citing the potential for its new MI350 chips to rival Nvidia’s Blackwell series. Additionally, they placed a price target of $200 on the stock. This significant upgrade has fueled an uptrend in AMD’s share price, with the company now trading at $146.42.
The market is keenly watching the price action and technicals for potential entry points. According to recent chart analysis, AMD shares have formed a strong flag pattern, which has triggered a decisive breakout. Such breaks can signal the initiation of a larger bull trend, as long as buying power stays robust and the Relative Strength Index (RSI) doesn’t trigger sell signals.
Given this technical backdrop, AMD’s price action could be viewed from two perspectives:
1. Further momentum is likely to see AMD push through overhead resistance levels at $175-$215, which aligns with past peaks in May and October 2024.
2. The current uptrend might experience a correction as the stock becomes overbought due to the recent AI chip-driven rally.
The $135 and $115 support zones serve as near-term buy points for investors considering entry into AMD shares. Meanwhile, $175-$215 is now seen as critical resistance by analysts.
Source: coincentral.com
