Advanced Micro Devices (NASDAQ: AMD) shares rose 6.1% on Tuesday, following a partnership announcement with HCLTech to develop AI, digital, and cloud solutions. As of 1 p.m. ET, the S&P 500 and Nasdaq Composite indices were up 1% and 1.5%, respectively.
The partnership aims to create innovation labs and training programs to expedite the introduction of new enterprise technology tools. HCLTech, based in India, may help AMD expand its presence in the region, tapping into its tech development capabilities.
Additionally, a ceasefire announcement between Israel and Iran has contributed to positive market momentum, while recent discussions among Federal Reserve officials about potential interest rate cuts have increased investor optimism in semiconductor stocks, including AMD.
