Advanced Micro Devices (AMD) Chairman and CEO Lisa Su will deliver the opening keynote address at Computex 2024, Taiwan’s leading technology exhibition, to be held in Taipei on June 3, 2024.
Chen Yihua | AFP | Getty Images
advanced micro device Shares rose 9% on Monday, pushing the stock to an all-time high and surpassing the $1 trillion market cap benchmark for the first time.
The semiconductor giant’s shares hit an intraday high of $613.92, pushing its value to just over $1 trillion.
AMD has been on a five-day winning streak, with its stock price up about 24% during that time. The recent rally is a welcome sight for investors who saw the stock fall last month after the company reported better-than-expected second-quarter results.
The company reported second-quarter sales of $11.54 billion, up 50% from $7.69 billion in the year-ago period, with artificial intelligence chips at the center of that growth. AMD’s data center division reported revenue of $6.7 billion, a significant 107% year-over-year increase.
The chipmaker is having a blockbuster year, with its stock up more than 180%. But despite its impressive gains, AMD still lags far behind the AI chip leaders Nvidiaboasts a market capitalization of approximately $5.4 trillion.
Despite public backlash against data centers and concerns about the fundamental safety of large-scale language models, the AI ramp-up that fueled this year’s surge in chip names shows little sign of slowing down.
AMD CEO Lisa Su said on the company’s earnings call last month that she expects data center revenue to double by 2027. Last week, Nvidia CEO Jensen Huang reiterated the current state of silicon demand, saying the company expects to double the number of chips it sells next year.
AMD stock price chart
