Advanced Micro Devices (AMD) and Meta Platforms (META) saw significant stock surges of approximately 10% on Monday, driven by renewed enthusiasm for artificial intelligence (AI). AMD reached a market capitalization milestone of $1 trillion, joining Meta in the exclusive trillion-dollar club.
Meta’s stock gain was particularly fueled by the rapid success of its new Muse AI assistant, which quickly became the top free app on Apple’s U.S. App Store. The Muse app enables users to complete a range of tasks, such as sending emails and booking travel, further solidifying Meta’s expansions beyond its core advertising revenue. Meanwhile, AMD’s growth reflects increasing confidence that the company can capture a larger share of the expanding AI-compute market, benefiting from strong demand for its server CPUs.
As of now, AMD’s stock has risen 180% year-to-date, reaching record highs of over $600 per share, while Meta trades at a forward earnings multiple of 23X. Both stocks currently hold a Zacks Rank of #3 (Hold), suggesting that investors may want to wait for more favorable entry points following these sharp advances.
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