Shares of Advanced Micro Devices Inc. AMD extended gains to a fifth straight day and closed 3.6% higher in Tuesday’s regular trading session.
What Happened: Advanced Micro Devices shares also hit a new 52-week high of $114.85 on Tuesday after the chipmakerannouncedthe availability of its new AMD Radeon PRO W6000X series GPUs for Apple Inc.’s Mac Pro desktop computers.
In addition, the company’s shares likely benefited after Bloombergreportedthat UK regulators may block rival chipmakerNvidia Corp.’sNVDA$40 billion acquisition of UK-based chipmaker Arm Ltd. due to national security concerns.
Momentum From Q2 Results: AMD’s shares have been picked up momentum after the companyreportedbetter-than-expected second-quarter results last week.
Retail Interest: AMD is seeinghigh interestfrom retail investors and was the third-most discussed stock on Reddit’s r/WallStreetBets forum as of Tuesday night. The forum, which has 10.7 million users, is best known for driving the rally in GameStop Corp. and other heavily shorted stocks earlier this year.
Intel Production Woes: In June, CNBC host Cramernotedthat Intel Corp. delaying production of one of its newest chips, code-named Sapphire Rapids, was “another reason” to buy shares in AMD. The delay by Intel is seen as creating an opportunity for AMD to gain market share.
High-Profile Customers: AMD secured Tesla Inc.andAlphabet Inc. subsidiary Google as its high-profile customers in June.
Price Action: Advanced Micro Devices shares closed 3.6% higher in Tuesday’s regular trading session at $112.56.
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