Shares of Advanced Micro Devices (NASDAQ: AMD) rose by 28% in June 2023, boosted by the company’s AI acquisitions and a favorable market environment. Key events included the acquisition of Brium and Untether AI, enhancing its AI capabilities, and the launch of the Instinct MI350 Series GPUs, which set new benchmarks for generative AI performance. The stock also received positive analyst notes following AMD’s Advancing AI conference.
Despite a previous decline after its March 2024 peak, AMD’s momentum is rebuilding with significant interest from investors, including Cathie Wood’s Ark Invest purchasing nearly 400,000 shares. Analysts believe demand for AI will continue driving AMD’s growth in the data center and client segments, positioning the company favorably for future gains.
